Siti Networks Limited has informed the Exchange regarding 'Disclosure in compliance with Para 3(C2) 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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Awaiting price reaction for this filing.
Siti Networks has informed exchanges that it has defaulted on its bank loan obligations as of June 30, 2025. Total outstanding loans stand at Rs 1,206.03 crore, of which claims of Rs 1,206.03 crore have been received and Rs 1,129.27 crore admitted. The company is already under the Corporate Insolvency Resolution Process (CIRP) initiated by NCLT in February 2023, with Mr. Rohit Mehra acting as the Interim Resolution Professional (IRP). The Board of Directors' powers are suspended and vested in the IRP. The company has stated it is in discussions with bankers for restructuring its debt.
This filing confirms ongoing insolvency proceedings and a near-total default on bank debt, which is highly negative for shareholders as existing equity is likely to be heavily diluted or wiped out in any resolution plan. The stock remains a high-risk, distressed asset with limited recovery prospects.