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 Limited has disclosed a default on term loan instalments effective March 31, 2026, with the default continuing beyond 30 days. The company is already under Corporate Insolvency Resolution Process (CIRP) since February 22, 2023, following an NCLT order. The disclosure reveals total outstanding borrowings of ₹1,206.03 crore across eight lenders including Axis Bank (₹240.85 crore), ARCIL (₹364.77 crore), ABFL (₹177.94 crore), IDBI Bank (₹169.66 crore), IndusInd Bank (₹45.32 crore), RBL (₹54.33 crore), Vani Agencies (₹148 crore) and ICNCL (₹5.16 crore). The lenders have claimed ₹1,500 crore in total. The company is under CIRP with suspended Board powers, and appeals are pending before the Supreme Court regarding certain NCLAT orders on the stay period.
This filing confirms severe financial distress with a large NPA position of over ₹1,200 crore across multiple banks. The ongoing insolvency proceedings and Supreme Court appeals create significant uncertainty for shareholders, and the default status will likely trigger further credit rating downgrades or junk status.