SITI Networks Limited has completed the regulatory requirement of publishing its unaudited financial results for the second quarter and six months ended September 30, 2025, through newspaper advertisements. The company submitted the newspaper publication compliance to BSE Limited and National Stock Exchange of India Limited, marking another reporting milestone under Corporate Insolvency Resolution Process (CIRP) management.

Regulatory Compliance and Publication

The company published its financial results extract in two newspapers on April 8, 2026 - "Business Standard" (All Editions) in English and "Mumbai Mitra" (Mumbai Edition) in Marathi. This publication follows the submission of complete unaudited financial results on April 7, 2026, prepared under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance Overview

The published financial results showed the company's continued operational challenges under CIRP management. Revenue from operations reached ₹961.87 million in Q2 FY26, representing an increase from ₹799.55 million in the preceding quarter, though remaining below the ₹922.61 million recorded in the corresponding quarter of the previous year.

CIRP Status and Management Structure

The financial results were prepared and signed by the Resolution Professional and Chief Executive Officer, exercising powers conferred under Section 17 of the Insolvency and Bankruptcy Code 2016. The Corporate Insolvency Resolution Process continues following the National Company Law Tribunal's admission order dated February 22, 2023.

Balance Sheet Position

The company's financial position reflects significant structural challenges. As of September 30, 2025, the company reported accumulated losses of ₹30,626.63 million, resulting in a negative net worth of ₹13,691.34 million on a standalone basis. Current liabilities exceeded current assets by ₹17,527.75 million, creating substantial liquidity pressures.

Subsidiary Developments

A significant development occurred with NCLT New Delhi's approval on October 9, 2025, of the Resolution Plan for subsidiary Siti Jind Digital Media Communications Private Limited. Consequently, this entity ceased to be a subsidiary effective from the approval date and has not been consolidated in the Q2 FY26 results.

Legal and Operational Updates

Recent legal developments include the Supreme Court's stay order dated October 13, 2025, regarding payments to operational creditors, adding complexity to the resolution process. The company has also resumed broadcasting of ZEEL channels in the Rest of India region effective from February 26, 2026, following Committee of Creditors approval.

Going Concern and Auditor Disclaimer

The statutory auditors have issued a disclaimer of opinion on the financial results, citing multiple factors including the ongoing CIRP, unreconciled creditor claims, and material uncertainties about the company's ability to continue as a going concern. The company's future depends entirely on successful implementation of a resolution plan under the insolvency process.

The newspaper publication compliance underscores the company's commitment to regulatory transparency while navigating the challenging Corporate Insolvency Resolution Process.

SITI Networks Limited has reported a substantial default on loan payments totaling ₹1,206.03 crore to multiple lenders as of February 28, 2026. The company disclosed this information to stock exchanges on March 31, 2026, in compliance with SEBI Circular dated November 21, 2019, regarding disclosure of defaults on payment of interest and principal amounts.

Default Details and Lender Breakdown

The company has defaulted on term loan installments to eight financial institutions, with the default date recorded as February 28, 2026, continuing beyond the 30-day threshold. The disclosure reveals significant exposure across multiple lenders:

Corporate Insolvency Resolution Process Status

SITI Networks has been undergoing Corporate Insolvency Resolution Process (CIRP) since February 22, 2023, when the National Company Law Tribunal (NCLT) Mumbai Bench initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Rohit Mehra was appointed as the Interim Resolution Professional, with the company's Board of Directors' powers currently suspended under Section 17 of the IBC.

The insolvency process faced legal challenges when Ms. Shilpi Asthana, a director of SITI Networks, filed an appeal before the National Company Law Appellate Tribunal (NCLAT), which initially stayed the proceedings. However, the NCLAT dismissed the appeal on August 10, 2023, reinstating the CIRP with the insolvency commencement date fixed at February 22, 2023.

Recent Legal Developments

Significant legal proceedings have shaped the company's current status. On October 1, 2024, the NCLT passed an order establishing key provisions:

• Insolvency commencement date confirmed as February 22, 2023
• CIRP activities to be reckoned from February 22, 2023
• Moratorium under Section 14 applicable during the stay period
• Transactions during stay period to revert to corporate debtor accounts
• Protection for expenses incurred in ordinary business course

The NCLAT subsequently directed lenders on October 29, 2024, to maintain appropriated amounts in separate interest-bearing accounts during appeal proceedings. On July 31, 2025, the NCLAT dismissed all appeals and directed financial creditors to remit amounts back to the corporate debtor with accrued interest.

Supreme Court Proceedings

Certain financial creditors have escalated the matter to the Supreme Court, challenging the NCLAT judgment dated July 31, 2025. The Supreme Court has currently granted a stay preventing financial creditors from remitting amounts received during the CIRP stay period and has directed that no payments be made to operational creditors for liabilities relating to the stay period.

Financial Creditor Claims Transfer

A notable development involves the transfer of Zee Entertainment Enterprise Limited (ZEEL) financial creditor claim to Vani Agencies Private Limited (VAPL) on July 2, 2024. The Resolution Professional admitted VAPL's claim as financial debt after verification, classifying VAPL as a related party under section 5(24) of the Insolvency and Bankruptcy Code, 2016, similar to ZEEL's previous classification.

The company indicated that further changes or additions may be incorporated in subsequent filings based on the outcome of ongoing Supreme Court appeals, reflecting the dynamic nature of the insolvency proceedings and creditor claims resolution process.