Mumbai, April 10 -- Cash dispenser manager AGS Transact Technologies Ltd plans to clear pending salaries in tranches, and will finalize and share details in 10 working days, chairman and managing director Ravi Goyal told employees in an email, assuring them that the company is not shutting down.

Goyal said that given the disruption in its pan-India operations, business collections have also been significantly affected. Mint has reviewed a copy of the mail sent on 8 April.

In February, AGS Transact informed the exchanges about credit rating downgrades by Crisil Ltd and India Ratings and Research Ltd. A detailed disclosure showed AGS and its subsidiary Securevalue had defaulted on loan repayments of Rs.71.6 crore.

Mint reported on 14 Feb...