Adtech regulation a priority for Modi govt in third term: MoS Rajeev Chandrasekhar

Credibility of news and platforms are as important as monetisation challenges: Anurag Thakur

HUL: Meet the leaders who have emerged from "The CEO Factory"

Punit Goenka addresses Zee employees; ensures no layoffs due to failed merger

Disney's strategic sale to Viacom18 set to boost market share to 40 percent

The Leader's Edge: Storyboard18 in conversation with leaders, decision makers and disruptors

Nobody’s Perfect Retro Porsche Ad

In Conversation With Raja Rajamannar, Mastercard

Shahid Kapoor And Varun Ganjoo Speaks On PokerBaazi's Campaign

In conversation with IHCL’s Puneet Chhatwal & GroupM’s Kate Scott-Dawkins

Why are brands including e-sports in their sports marketing itinerary?

Storyboard18 x The English Nut: How to pronounce these 10 brand names

Experts' Take On Reinvention Of Ad Campaigns Through Technology

Experts Speak On Key Emerging Trends In Cannes Lions Entries

Leaders of the future have to be outstanding human beings: Nestle MD

In conversation with VMLY&R’s Hari Ramanathan

Header Menu

Latest News

Brand Makers

Gaming News

Brand Marketing

Media News

Special Coverage

Header Sub Menu

Digital Entertainment Summit

Delhi Literature Fest

Share the Spotlight

Global Pioneers Summit

Power of Purpose

The Visionaries

DNPA

About Us

Hamburger Menu

Quantum Brief

#FreeOurSkylines

Watch.Listen

Advertising

Agency News

Media

Interviews

The National Company Law Tribunal (NCLT) has ordered Axis Bank and other financial creditors of bankrupt Siti Networks to repay the company Rs 143 crore. Siti Network, part of the Essel Group, is undergoing insolvency proceedings. 

The tribunal stated, “All transactions and appropriations undertaken during the stay period from March 7,2023 to August 10, 2023 shall be reversed and the amounts must be remitted back to the corporate debtor’s account within four weeks.” 

The bench comprising judicial member Lakshmi Gurung and technical member Charanjeet Singh Gulati also confirmed that the Insolvency Commencement Date for Siti Networks remains February 22.2023, and all insolvency related activities should be considered from that date. 

After taking over the company’s operations in August 2023, resolution professional (RP) Rohit Ramesh Mehra found that Axis Bank had withdrawn funds from Siti and distributed about Rs 143 crore to various other lenders, including while the stay was in effect. These lenders included IndusInd Bank, RBL Bank, Aditya Birla Finance, and IDBI Bank.

This directive from the Mumbai bench of the tribunal followed an application from the Asset Reconstruction Company (India), a financial creditor of Siti, which argued that some creditors withdrew funds while the company was under moratorium and during a stay on its insolvency proceedings. 

Return Rs 148 crore to insolvent Siti Networks, NCLT orders lenders

Anoop Manohar, chief marketing officer at Axis Bank chats with Storyboard18’s Shibani Gharat about the brand’s 'Dil se Open' campaign, how it was born from their employees going beyond their duty to serve customers. He also talks about how they are creating value by helping customers achieve their dreams.

<div data-youtube="true" data-youtube-id="HMF38DCQV20" data-youtube-title="Anoop Manohar Exclusive On Axis Bank's Dil Se Open Campaign | Storyboard 18 | CNBC-TV18" class="youTubeVideoPlayer" data-youtube-category="News & Politics"><iframe src="https://www.youtube.com/embed/HMF38DCQV20" width="100%" height="360"></iframe></div>

AXIS BANK