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)'.
SITINET · price
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Siti Networks has disclosed a default of ₹1,206.03 crore on term loan instalments and interest owed to multiple lenders, including Axis Bank, ARCIL, ABFL, IDBI Bank, IndusInd Bank, RBL, Vani Agencies, and ICNCL. The default pertains to obligations due on July 31, 2025 and has continued beyond 30 days. This is a mandatory disclosure under the SEBI circular for loan defaults. The company is already under the Corporate Insolvency Resolution Process (CIRP) initiated by NCLT in February 2023, with an Interim Resolution Professional currently managing its affairs. The Resolution Professional is in the process of updating creditor claims following recent NCLAT judgments directing financial creditors to remit appropriated amounts back to the company.
This disclosure underscores Siti Networks' severe financial distress and confirms ongoing insolvency proceedings, meaning equity shareholders face a very high risk of total loss or significant dilution in any resolution plan. The stock remains a distressed asset and is unlikely to see any near-term price recovery tied to fundamentals.