Siti Networks Ltd

Siti Networks Limited has disclosed defaults on interest and principal payments for term 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 are substantial, with claims submitted as of February 22, 2023, totaling ₹1,206.03 crore and increasing to ₹1,500 crore by August 10, 2023. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT in February 2023. Recent legal developments include an NCLT order on August 27, 2026, allowing Vani Agencies Pvt. Ltd. to be included in the Committee of Creditors, and an NCLAT order on August 10, 2023, dismissing an appeal against the CIRP initiation.

Siti Networks Limited has announced the appointment of Mr. Trupalkumar Patel as the Resolution Professional (RP) by the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench. This appointment follows the cancellation of the previous RP's registration by the IBBI. The decision was made during a Joint Lender Meeting on September 16, 2026, where Mr. Patel received 72% voting support. The NCLT order, dated September 28, 2026, was received by the company on October 12, 2026. This development is a continuation of earlier communications regarding the company's insolvency proceedings under the IBC, 2016.

Siti Networks Ltd has informed that the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, vide its order dated September 28, 2026 (received on October 12, 2026), has appointed Mr. Trupalkumar Patel as the Resolution Professional for the company. This appointment is made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has enclosed a copy of the NCLT order.

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.

Siti Networks Limited has disclosed defaults on term loan installments, with the total outstanding borrowings from banks and financial institutions exceeding ₹1,206 crore as of August 10, 2023. The company is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT Mumbai on February 22, 2023. The default date is July 31, 2026, and it continues beyond 30 days. Lenders include ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, Indusind Bank, Vani Agencies Pvt. Ltd., and ICNCL. A related party claim from ZEEL assigned to Vani Agencies Pvt. Ltd. is also involved in legal proceedings regarding its classification and inclusion in the Committee of Creditors.

Siti Networks Limited has disclosed defaults on term loan installments to multiple lenders including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, Induslnd Bank, Vani Agencies Pvt. Ltd., and ICNCL. The default date is June 30, 2026, and it continues beyond 30 days. The total outstanding claims from these lenders as of August 2, 2023, were approximately ₹1,500 crore, with Axis Bank, ARCIL, and ABFL having the largest claims. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT on February 22, 2023. Appeals and counter-appeals related to the CIRP and appropriation of funds during a stay period are ongoing.

Siti Networks Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP) following a National Company Law Tribunal (NCLT) order on February 22, 2023. The company has appointed M/s. Vijaya Gupta & Co., Chartered Accountants, as its new statutory auditor for the financial years 2025-26 and 2026-27. This appointment is consequent to the approval of the Committee of Creditors (CoC) under the Insolvency and Bankruptcy Code, 2016. Vijaya Gupta & Co. replaces M/s. DNS & Associates, who have resigned. The new auditor has over 45 years of experience, particularly in banking, corporate, and regulatory domains.

Siti Networks Ltd has announced the closure of its trading window for designated persons in connection with the upcoming Un-Audited Financial Results for the first quarter of the financial year 2026-27, ending June 30, 2026. The window will be closed from July 1, 2026, and will reopen 48 hours after the announcement of the financial results. Designated persons are advised against trading in the company's equity shares during this period to prevent insider trading.

Siti Networks Limited has disclosed defaults on term loan installments and interest payments to multiple lenders including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies Pvt. Ltd., and ICNCL. The default date was May 31, 2026, continuing beyond 30 days. The total outstanding claims from these banks as of August 10, 2023, amounted to ₹1,206.03 crore. This disclosure follows the initiation of Corporate Insolvency Resolution Process (CIRP) by the NCLT on February 22, 2023, with subsequent legal challenges and appeals. The NCLAT has upheld the CIRP, and the company's board powers are suspended, vested with the IRP.

Siti Networks Ltd discloses defaults on loan and interest payments to various banks and financial institutions, including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies Pvt. Ltd., and ICNCL. As of April 30, 2026, the total outstanding borrowing amount is ₹1,206.03 crore against claims of ₹1,500 crore. The company is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT, with ongoing appeals in the Supreme Court regarding amounts appropriated during the stay period.