SITI Networks Independent Director steps down

SITI Networks Independent Director steps down

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SITI Networks yesterday in a regulatory filing notified the resignation of its Independent Director Deepak Singhal vide letter dated February 3, 2021 from the board of the company with effect from close of business hours on February 3, 2021 on the account of other professional obligations and committments.

We further confirm that there is not other material reason for his resignation other than those provided above. Pursuant to Regulation 30(2) read with Part A of Schedule Ill of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, you are requested to please take on record the resignation of Mr. Deepak Mittal with effect from close of business hours on February 3, 2021. Further, please find below the information as required to be submitted in compliance of SEBI Circular CIR/CFD/CMD/4/2015 dated September 09, 2015,” said SITI Networks in its regulatory filing.

The company has around Rs 914 crore outstanding borrowings from banks and financial institutions at January 2021 end according to a regulatory filing. The obligation is term loan installments. HDFC Bank, IDBI Bank, SCB, RBL, Axis Bank, Kotak Bank, ABFL, and IndusInd Bank are among the lenders whom Siti owns loan overdue amount.

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