Siti Networks Limited has informed the Exchange regarding 'Disclosure in compliance with Para 3(C1) of SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/2019/140 dated November 21, 2019, of default on payment of interest/repayment of principal amount on loans from Bank(s)'.
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Siti Networks Limited has disclosed a default of ₹1,206.03 crore on term loan instalments as of June 30, 2025, which has continued beyond 30 days. The default involves eight lenders including Axis Bank, IDBI Bank, RBL, IndusInd Bank, ABFL, ARCIL, Vani Agencies, and ICNCL. The largest exposures are to ARCIL (₹364.77 crore) and Axis Bank (₹240.85 crore). The company is already under Corporate Insolvency Resolution Process (CIRP) since February 22, 2023, with Mr. Rohit Mehra as the Interim Resolution Professional, and the powers of the Board of Directors remain suspended. This filing is being made in compliance with SEBI's November 2019 circular requiring listed companies to disclose loan defaults.
This is a significant negative signal for shareholders, confirming the company's ongoing insolvency and inability to service its debt obligations. The default reinforces that equity holders face substantial risk of dilution or wipe-out as the resolution process progresses, and the stock remains highly speculative.