Siti Networks appoints Vijaya Gupta & Co. as statutory auditor

Siti Networks Limited has appointed Vijaya Gupta & Co. as its statutory auditor for the financial years 2025-26 and 2026-27, following the approval of the Committee of Creditors (CoC). The appointment, effective July 6, 2026, was made under Section 28(1)(m) of the Insolvency and Bankruptcy Code, 2016, as the company undergoes the Corporate Insolvency Resolution Process (CIRP). The new auditor will conduct statutory audits for the specified financial years and limited reviews for Q3 and Q4 of FY 2025-26 and Q1 to Q4 of FY 2026-27.

The decision comes after M/s. DNS & Associates, Chartered Accountants, Gurugram, resigned from the position of statutory auditor. Vijaya Gupta & Co., a firm established in 1977 with over 45 years of experience, brings extensive expertise in banking, corporate, and regulatory domains. The firm is registered under Firm Registration No. 001314N.

Auditor Details

Particulars	Details
Name	Vijaya Gupta & Co.
Firm Registration No.	001314N
Date of Appointment	July 6, 2026
Tenure	FY 2025-26 and FY 2026-27
Limited Reviews	Q3 and Q4 of FY 2025-26; Q1 to Q4 of FY 2026-27
Reason for Change	Resignation of M/s. DNS & Associates; CoC approval under IBC

The company confirmed that there is no relationship between the newly appointed auditor and any director, noting that director powers are currently suspended. Suresh Kumar, Company Secretary and Compliance Officer, signed the disclosure submitted to the exchanges.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	-3.03%	-5.88%	0.0%	-41.82%	-81.18%

Siti Networks Limited defaulted on term loan instalments amounting to ₹1,206.03 crore as of April 30, 2026. The default, which continues beyond 30 days, was disclosed to the exchanges in compliance with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/2019/140 dated November 21, 2019. The company is currently under the Corporate Insolvency Resolution Process (CIRP), and the powers of its Board of Directors stand suspended.

The default affects a consortium of lenders, including 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 total outstanding borrowings from these financial institutions stand at ₹1,206.03 crore as per the claims submitted on August 10, 2023.

Details of Obligations

The following table outlines the claims submitted by the financial creditors:

Sl. No.	Bank	Amount of Claim submitted as on 10th August 2023 (INR crore)	Amount of Claim submitted as on 22nd February 2023 (INR crore)
1	Axis Bank Limited (Axis Bank)	240.85	298
2	Asset Reconstruction Company India Limited (ARCIL)	364.77	340
3	Aditya Birla Finance Limited (ABFL)	177.94	182
4	IDBI Bank Limited (IDBI Bank)	169.66	180
5	IndusInd Bank	45.32	163
6	Ratnakar Bank Limited (RBL)	54.33	69
7	Vani Agencies Pvt. Ltd. (VAPL)*	148.00	148
8	Indian Cable Net Company Limited (ICNCL)	5.16	5
	TOTAL	1,206.03	1,500

*The claim of Zee Entertainment Enterprise Limited (ZEEL), a related party, was assigned to Vani Agencies Private Limited (VAPL) on July 2, 2024.

Insolvency Proceedings

The National Company Law Tribunal (NCLT), Mumbai Bench, initiated the CIRP for Siti Networks on February 22, 2023. Mr. Rohit Mehra was appointed as the Interim Resolution Professional (IRP). The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal against the admission order on August 10, 2023, reinstating the CIRP.

Subsequent legal orders dated October 1, 2024, and July 31, 2025, by the NCLT and NCLAT respectively, directed financial creditors to remit amounts appropriated during the stay period back to the corporate debtor. However, the Supreme Court has currently granted a stay on these remittances pending further appeals.