Siti Networks Defaults on Loan Payments, Total Debt ₹1,500 Crore
Siti Networks Limited has disclosed defaults on interest and principal payments for term loan installments. The defaults pertain to loans from multiple lenders including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies Pvt. Ltd., and ICNCL. The total outstanding borrowings from banks and financial institutions as of August 2023 were ₹1,206.03 crore, with a total financial indebtedness of ₹1,500 crore. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) initiated in February 2023. A related party claim from Zee Entertainment Enterprise Limited (ZEEL) assigned to Vani Agencies Private Limited (VAPL) has been admitted, leading to legal proceedings regarding its classification and inclusion in the Committee of Creditors.
Key Highlights
- Siti Networks Limited is in default on loan interest and principal payments.
- Total outstanding debt from banks and financial institutions is ₹1,206.03 crore.
- The company's total financial indebtedness stands at ₹1,500 crore.
- CIRP proceedings are ongoing since February 2023.
- Legal disputes exist regarding a related party claim's classification.
Price Impact
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