Siti Networks Limited has laid off around 410 employees as the troubled cable TV and broadband company grapples with mounting financial stress, operational turbulence and prolonged insolvency proceedings. The move, confirmed by a senior company source, has effectively brought most operational functions to a standstill.
The layoffs come at a time when the Essel Group company is already struggling to stay afloat under the Corporate Insolvency Resolution Process (CIRP). Siti Networks has been facing severe liquidity constraints, sustained operational losses and complex legal disputes that have stalled the resolution timeline.
Mounting losses and weakening financials
For the June quarter, Siti Networks reported a standalone net loss of…