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Multi-system operators SITI Community has reported a complete default of Rs 913 crore on funds of curiosity and compensation of principal quantity on loans taken from banks for the quarter resulted in September. This features a principal quantity of Rs 655 crore and curiosity of Rs 258 crore, the Essel group agency knowledgeable in a regulatory replace.
SITI Networks, beforehand referred to as SITI Cable Community, is part of the Essel Group.
“…the corporate is in discussions with its bankers for restructuring of its debt obligations,” SITI Community stated.
SITI Community’s whole monetary indebtedness, together with short-term and long-term debt, is Rs 898 crore.
Earlier in April, Housing Improvement Finance Company Ltd (HDFC) had moved the insolvency tribunal NCLT towards SITI Networks Ltd for alleged default of Rs 296 crore.
It offers cable providers at 580 places and adjoining areas, reaching out to over 11.3 million digital clients.
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