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 of ₹1,206.03 crore on term loan instalments owed to multiple lenders, including ARCIL, IDBI Bank, Axis Bank, RBL, Aditya Birla Finance, IndusInd Bank, Vani Agencies, and ICNCL. The default relates to payments due from May 31, 2025 and has continued for more than 30 days. Of the total claim of ₹1,206.03 crore, ₹1,129.27 crore has been admitted by the Resolution Professional. The company is already under the Corporate Insolvency Resolution Process (CIRP) initiated by NCLT in February 2023, with the powers of the Board suspended and vested in the IRP. Several appeals related to the CIRP proceedings are currently sub judice before the NCLAT.
This is a negative development, reinforcing that Siti Networks remains financially distressed and unable to service its debt. Shareholders face significant risk of dilution or total loss as the company is already under insolvency proceedings, and further recovery depends on the outcome of the ongoing CIRP.