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 due to the reasons as stipulated in enclosed letters
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Siti Networks Limited has submitted its audited annual financial statements (standalone and consolidated) for FY 2024-25 to the stock exchanges without convening an Annual General Meeting (AGM). The company is under Corporate Insolvency Resolution Process (CIRP) since February 22, 2023, following an NCLT Mumbai order admitting it for insolvency on a petition by IndusInd Bank over a default of approximately Rs. 148.83 crore. Resolution Professional Rohit Mehra, appointed by the Committee of Creditors, is managing the company. The RP attempted to secure a 3-month extension to hold the AGM by filing e-Form GNL-1 and twice via e-Form GNL-2, but the MCA system blocked GNL-1 filings for companies under CIRP, and the first GNL-2 was rejected citing that IBC has no explicit provision enabling the RP to call a shareholders' meeting. The second GNL-2 was approved on the MCA portal but no formal extension order was issued, forcing the company to file under Section 137(2) of the Companies Act without an AGM.
Shareholders are effectively denied their usual voting and engagement rights at the AGM, and the filing underscores that the insolvency resolution process remains unresolved nearly three years after admission. This prolongs uncertainty around the company's future ownership structure and any potential recovery for equity holders, who rank last in the creditor waterfall under IBC.