Siti Networks Limited has informed the Exchange regarding 'Undertaking confirming that the Company is not a large corporate as per criteria given under the SEBI circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021 (updated as on April 13, 2022)'.
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Siti Networks Limited has filed a confirmation with stock exchanges that it does not qualify as a 'Large Corporate' under SEBI guidelines, with outstanding borrowings of INR 1,500 crore (as of Feb 2023) and INR 1,206.03 crore (as of Aug 2023). The company is under Corporate Insolvency Resolution Process (CIRP) initiated by NCLT on 22 February 2023, with powers of the Board of Directors suspended and vested in the Interim Resolution Professional. NCLAT upheld the insolvency order in August 2023 and on 31 July 2025 dismissed all appeals from financial creditors. However, financial creditors have now approached the Supreme Court, which has granted a stay on remitting amounts and prohibited payments to operational creditors for the stay period.
The company remains in insolvency proceedings with ongoing legal challenges at the Supreme Court level. Shareholders should note that the stock is under a cloud of insolvency, with suspended board powers and restricted creditor payments indicating continued financial distress.