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 reported a continuing default on term loan instalments owed to multiple banks and financial institutions, with the default date listed as February 28, 2026. The lenders include Axis Bank, ARCIL, Aditya Birla Finance, IDBI Bank, IndusInd Bank, RBL, Vani Agencies (a ZEEL-related entity), and ICNCL. Total financial creditor claims have been admitted at approximately ₹1,500 crore as of August 2023, against total borrowings of ₹1,206.03 crore as of February 2023. The company is already under the Corporate Insolvency Resolution Process (CIRP) since February 22, 2023, and various NCLT/NCLAT orders along with pending Supreme Court appeals are shaping the resolution. This filing is a mandatory SEBI disclosure under the November 2019 circular on loan defaults.
For shareholders, this confirms that Siti Networks continues to face severe financial distress with unresolved debt defaults, and the ongoing IBC proceedings mean equity holders face significant risk of dilution or loss of value. The stock is likely to remain highly volatile and sentiment-negative until the Supreme Court appeals and CIRP resolution are concluded.