Siti Networks Limited Discloses Significant Default on Loan Payments
Siti Networks Limited has disclosed details regarding a default on its loan payments from several financial institutions. The company reported that the default was effected on April 30, 2026, and continues beyond 30 days.The disclosure covers the nature of the obligation, defined as term loan installments, and names several lenders involved in the outstanding debt. Creditors associated with the default include ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies Pvt. Ltd. (VAPL)*, and ICNCL.
Loan Obligations and Default Amounts
The total outstanding principal amount across the listed obligations is INR 1,206.03 crore. The total amount claimed by the lenders, according to the provided data, stands at INR 1,500 crore.The details of the obligations and the respective claims from the listed lenders are presented below:
| Lender Name | Principal Amount (INR crore) | Claim Amount (as on 10 August 2023) | Claim Amount (as on 22 February 2023) |
|---|---|---|---|
| Axis Bank Limited (Axis Bank) | 240.85 | 298 | - |
| Asset Reconstruction Company India Limited (ARCIL) | 364.77 | 340 | - |
| Aditya Birla Finance Limited (ABFL) | 177.94 | 182 | - |
| IDBI Bank Limited (IDBI Bank) | 169.66 | 180 | - |
| IndusInd Bank | 45.32 | 163 | - |
| Ratnakar Bank Limited (RBL) | 54.33 | 69 | - |
| Vani Agencies Pvt. Ltd. (VAPL)* | 148.00 | 148 | - |
| Indian Cable Net Company Limited (ICNCL) | 5.16 | 5 | - |
| TOTAL | 1,206.03 | 1,500 | N/A |
Note: The financial creditor claim of Zee Entertainment Enterprise Limited (ZEEL) was assigned to Vani Agencies Private Limited (VAPL) on July 2, 2024. VAPL has been classified as a related party of the Corporate Debtor.
Corporate Status
The company's corporate restructuring efforts have been subject to regulatory proceedings. Historically, the Corporate Insolvency Resolution Process (CIRP) was initiated, resulting in the appointment of an Interim Resolution Professional (IRP). Following legal directives, the status of the CIRP was reinstated, with the IRP assuming the powers previously held by the Board of Directors. The process currently revolves around various appeals, including petitions before the Supreme Court, which has granted a stay preventing financial creditors from remitting amounts received during the CIRP stay period, and restricting payments to operational creditors for liabilities related to the stay period.SITINET Stock Price Movement
Shares of Siti Networks Limited are rallying to ₹0.35 as of 2:01 PM today, edging up 2.94% in live trading. The stock is currently trading on a significant volume of 603,681 shares, hovering between an intraday low of ₹0.33 and a high of ₹0.35.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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