Siti Networks Ltd has appointed M/s. Vijaya Gupta & Co. as its new statutory auditor for FY 2025-26 and FY 2026-27. The appointment was approved by the Committee of Creditors, with the company currently under Corporate Insolvency Resolution Process (CIRP).
Siti Networks Appoints New Statutory Auditor Amid Insolvency Process
M/s. Vijaya Gupta & Co. appointed as new statutory auditor.
M/s. DNS & Associates is the outgoing auditor.
Reader Takeaway: New auditor appointed as per CIRP; Company remains under insolvency proceedings.
What just happened
Siti Networks Ltd. has appointed M/s. Vijaya Gupta & Co. as its new statutory auditor. The Committee of Creditors (CoC) approved this appointment, which falls under the provisions of the Insolvency and Bankruptcy Code (IBC).
This appointment is for the financial years FY 2025-26 and FY 2026-27. M/s. DNS & Associates is the outgoing auditor.
Why this matters
The appointment of a statutory auditor is crucial for maintaining financial transparency and ensuring compliance with regulatory requirements. For investors, this signifies a step towards continued financial oversight, even as the company navigates its insolvency resolution process.
It also confirms that the financial statements for the upcoming fiscal years will be audited, providing a degree of assurance on the company's financial position.
The backstory
Siti Networks Ltd. is currently undergoing the Corporate Insolvency Resolution Process (CIRP). This process began following an order from the National Company Law Tribunal (NCLT), Mumbai, on February 22, 2023. During CIRP, the powers of the company's directors are suspended.
The company's operations and governance are overseen by the Resolution Professional, Mr. Rohit Mehra, who was confirmed by the Committee of Creditors.
What changes now
With the appointment of the new auditor, the process of financial auditing for FY 2025-26 and FY 2026-27 can proceed. The auditor will work under the guidance of the Resolution Professional, ensuring adherence to the IBC framework.
Risks to watch
Investors must remain aware that Siti Networks is still under the CIRP. The auditor's role and scope are subject to the ongoing resolution process and the oversight of the Resolution Professional.
Context metrics (time-bound)
- New Auditor Appointment Date: July 6, 2026 (for audit period)
- Outgoing Auditor: M/s. DNS & Associates
- Audit Scope: FY 2025-26 and FY 2026-27
- CIRP commencement date (NCLT order): February 22, 2023
What to track next
Investors should monitor the progress of the CIRP and any future announcements regarding the resolution plan. The auditor's reports will be key to understanding the company's financial health during this period.