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 defaults on term loan installments to multiple lenders, with the default date being January 31, 2026, continuing for more than 30 days. The affected lenders include Axis Bank, ARCIL, ABFL, IDBI Bank, IndusInd Bank, RBL, Vani Agencies, and ICNCL, with total admitted claims of about INR 1,500 crore as of August 2023 (and INR 1,206 crore as of February 2023). The company has been under Corporate Insolvency Resolution Process (CIRP) since February 22, 2023, following an NCLT order under Section 7 of the IBC, and a Resolution Professional is currently in charge. The filing is being made as per SEBI's November 2019 circular requiring disclosure of loan defaults by listed entities. Appeals related to the insolvency process are still pending before the Supreme Court, and the company has noted that further updates will follow based on the outcome.
This disclosure highlights serious financial distress and ongoing insolvency proceedings, meaning existing shareholders face very high risk with little chance of equity recovery. The stock is likely to remain under severe pressure, and any value for shareholders will depend on the outcome of the ongoing CIRP and Supreme Court appeals.