Siti Networks Limited has informed the Exchange about submission of Annual Financial Statements (both Standalone and Consolidated) for the financial year ended March 31,2025, of the Company without holding the AGM
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Siti Networks Limited has submitted its audited financial results (standalone and consolidated) for FY 2024-25 to the exchanges without convening its Annual General Meeting (AGM). The company has been under Corporate Insolvency Resolution Process (CIRP) since February 22, 2023, after NCLT admitted a Section 7 petition filed by IndusInd Bank over a default of Rs. 148.82 crore. The Resolution Professional, Rohit Mehra, made multiple attempts to seek a three-month AGM extension from the Registrar of Companies, but the MCA system did not allow filing for companies under CIRP. The ROC also rejected requests, stating that IBC has no explicit provision enabling the RP to call a shareholder meeting. The company is therefore filing results directly under Section 137(2) of the Companies Act, 2013, noting that it continues to operate as a going concern under the supervision of the RP with CoC approval. This is the second consecutive year the company has faced difficulty holding its AGM on time.
Shareholders should note that the company remains in insolvency proceedings with no AGM held to approve accounts or appoint auditors, meaning shareholders have no voting venue. The unresolved CIRP and lack of a resolution plan after nearly three years heightens uncertainty about any recovery for equity holders, who stand last in the creditor waterfall under IBC.