Siti Networks discloses default on bank loan repayments

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AI summary

Siti Networks has disclosed a default on term loan instalments to multiple lenders including ARCIL, IDBI Bank, Axis Bank, IndusInd, RBL, ABFL, Vani Agencies and ICNCL. Default date is April 30, 2026 and continues beyond 30 days. Total admitted claims stand at about Rs 1,206 crore as on August 2023 and around Rs 1,500 crore as on February 2023. The company is under Corporate Insolvency Resolution Process (CIRP) initiated on February 22, 2023, with the Resolution Professional managing operations. Board powers remain suspended. Appeals by financial creditors are pending before the Supreme Court.

Likely market impact

Confirms ongoing financial distress. Shareholders face uncertainty as the company remains under insolvency resolution with multiple pending appeals.