SITI Networks reports ₹1,206-crore loan defaults (2026)

What SITI Networks disclosed to exchanges

SITI Networks Limited has reported defaults totalling ₹1,206.03 crore on term loan instalments to eight lenders. The disclosure was made to stock exchanges under SEBI’s circular dated November 21, 2019, which mandates listed entities to report defaults on interest or principal payments. The company said the defaults continued beyond the 30-day threshold that triggers formal reporting under the SEBI framework. In different filings cited in the disclosure trail, SITI Networks referenced multiple reporting dates and cut-offs across late 2025 and early 2026.

SEBI’s November 2019 default-reporting framework

SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/2019/140 requires listed companies to disclose loan-payment defaults to banks and financial institutions once the default crosses the prescribed threshold, including the 30-day continuing-default trigger. SITI Networks’ filings explicitly referenced that the default continued beyond 30 days. The company’s disclosures were positioned as compliance updates under this framework, rather than a one-off event.

Default size and lender consortium in focus

Across the filings summarised in the disclosure trail, the total default amount reported was ₹1,206.03 crore. The lender set includes Axis Bank, Asset Reconstruction Company (India) Limited (ARCIL), Aditya Birla Finance Limited (ABFL), IDBI Bank, IndusInd Bank, Ratnakar Bank Limited (RBL), Vani Agencies Pvt. Ltd., and Indian Cable Net Company Limited (ICNCL). The company also identified ARCIL as the largest exposure within this group based on the numbers provided.

Key dates cited in filings: Oct 2025 to Apr 2026

The disclosure trail referenced multiple default dates and reporting cut-offs, indicating that SITI Networks has had to update exchanges using different snapshot dates in separate filings. A separate disclosure format also states that the “date of making the disclosure” was March 2, 2026, and mentions a default date of January 31, 2026 that continued beyond 30 days. Another reference in the same set of information states the default started on February 28, 2026 and continued beyond 30 days. The company also reported defaults as of March 31, 2026, and separately stated that defaults totalled ₹1,206.03 crore as of April 30, 2026, with an exchange disclosure date of April 30, 2026.

Claims data used for the disclosure

SITI Networks stated that the total outstanding borrowings from these financial institutions stood at ₹1,206.03 crore as per claims submitted on August 10, 2023. The filings also reference a prior claim set submitted as on February 22, 2023, where the total was ₹1,500 crore. In the same disclosure trail, the company clarified that the reporting is based on claims received from lenders as of August 10, 2023, and February 22, 2023.

Lender-wise numbers cited in the filings

The disclosure trail includes a lender-by-lender breakdown of current default and prior claims, showing changes between the February 2023 and August 2023 claim submissions.

Timeline of reported default cut-offs and disclosures

While the underlying obligation is described as term loan instalments, the filings cite different default dates and reporting cut-offs across late 2025 and early 2026.

Context: insolvency process and admitted claims

The disclosure trail states the company is navigating a Corporate Insolvency Resolution Process (CIRP). It also references that the CIRP was initiated by the National Company Law Tribunal (NCLT) on February 22, 2023. The claims numbers presented in the default reporting are framed as part of the financial indebtedness being considered under the CIRP, based on submissions in February 2023 and August 2023.

Market relevance: what this disclosure changes for investors

For investors tracking stressed listed entities, the key development is the formal exchange disclosure of continuing defaults under the SEBI framework, backed by lender-wise claim data. The 30-day continuation point matters because it is a reporting trigger under SEBI’s November 2019 circular. The lender list and amounts also clarify which institutions are part of the consortium exposure disclosed by the company, with the aggregate figure of ₹1,206.03 crore repeated across filings.

Why the numbers matter

Two totals appear in the disclosure trail: ₹1,206.03 crore and ₹1,500 crore. The ₹1,206.03 crore figure is tied to claims submitted as of August 10, 2023, while ₹1,500 crore is tied to the earlier claim set as of February 22, 2023. Separately, some media reports cited in the disclosure trail estimated the company’s total debt could be as high as ₹1,500 crore, matching the earlier claim total referenced in the filings.

Conclusion

SITI Networks’ exchange filings show term-loan instalment defaults aggregating ₹1,206.03 crore across eight lenders, with multiple default dates and cut-offs referenced from 2025 to April 2026. The company has linked the disclosures to SEBI’s November 21, 2019 default-reporting circular and stated that the defaults continued beyond 30 days, which is central to the mandatory reporting requirement. Updates, if any, are likely to continue to reference lender claims and cut-off dates as the company proceeds within the CIRP framework described in the filings.