Siti Networks has initiated a major workforce reduction, laying off around 410 employees as the company struggles to manage escalating financial pressure and stalled business operations. The large-scale job cuts come amid an ongoing insolvency process, leaving several departments with limited functionality.
The cable TV and broadband operator, part of the Essel Group, has been under the Corporate Insolvency Resolution Process (CIRP) for over a year. Severe cash shortages, operational losses and unresolved legal matters have slowed down the resolution timeline, pushing the organisation deeper into uncertainty.
The company’s recent financial performance further highlights the strain. In the June quarter, Siti Networks posted a standalone net loss of Rs 437.64 million. While the loss narrowed compared to the previous quarter, revenues slipped to Rs 799.55 million, reflecting declining business momentum. The company continues to operate with a significantly stressed balance sheet, including a negative net worth of Rs 13,380.37 million and negative working capital of Rs 17,278.93 million.
Despite this, the management has continued preparing accounts on a going-concern basis, anticipating a potential revival through the insolvency resolution process.
Siti Networks has also defaulted on instalments and interest payments to multiple lenders for over 30 days as of 31 October, 2025. Disclosures list defaults to institutions such as IDBI Bank, Axis Bank, RBL Bank, ABFL, IndusInd Bank, ARCIL and others. Total verified creditor claims have climbed to Rs 1,500 crore, reflecting a widening financial gap.
With most operations scaled down, mounting debt and complex legal hurdles, Siti Networks faces an increasingly difficult path to recovery. The widespread layoffs underline the gravity of the crisis confronting one of India’s once-prominent multi-system operators.
