I suppose the critical thing is whether it is driving right regardless of the warning light.
Assuming it is the gearbox malfunciton light you probably need to get it code read to find out if the issue is electrical, maybe the torque convertor, maybe slipping gears etc.
The bad news is that assuming this ia a V6, S-Types of this era use a Ford 5-speed auto gearbox which hasn't the best reputation for longevity. You could be looking at a relatively expensive replacement or overhaul to fix it properly.
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