SAB Events & Governance Now Media Limited , a company operating in the digital media, websites, and MICE (Meetings, Incentives, Conferences, and Exhibitions) sectors under the Governance Now brand, has taken significant steps in its Pre-Packaged Insolvency Resolution Process (PPIRP).

Formation of Committee of Creditors

On November 24, 2025, SAB Events & Governance Now Media Limited constituted a Committee of Creditors under Section 54(I)(1) of the Insolvency and Bankruptcy Code, 2016. This development follows the admission order received from the National Company Law Tribunal (NCLT) Mumbai Bench on November 11, 2025.

First Committee of Creditors Meeting

The company held its first Committee of Creditors meeting on December 1, 2025. This meeting was conducted pursuant to Section 54(1)(2) of The Insolvency and Bankruptcy Code, 2016, affecting the company's creditors and stakeholders in the insolvency proceedings.

Key Approvals and Appointments

During the meeting, several important decisions were made:

• Approval of the Resolution Professional
• Appointment of registered valuers
• Appointment of a transaction auditor
• Ratification of PPIRP costs
• Approval for the circulation of Information Memorandum to creditors

Mr. Kedar Parshuram Mulye, the appointed Resolution Professional, formed the committee as part of the ongoing PPIRP.

Financial Distress and Debt

The company's decision to file for PPIRP came after a period of financial distress, which was exacerbated by the COVID-19 pandemic and its restrictions on public gatherings. The financial situation of the company is as follows:

Resolution Plan

Under the proposed resolution plan:

• Financial creditors will receive Rs. 2.00 crores within 90 days
• This amount represents a full settlement of their claims

Impact of COVID-19 on Business

The company's MICE vertical, which organized on-ground events, was severely impacted by the pandemic:

• Operations came to a complete halt during the peak of COVID-19
• The business has not fully recovered since then

Moratorium Declaration

A moratorium has been declared, prohibiting any legal proceedings against the company during the resolution process. This measure is designed to provide SAB Events & Governance Now Media Limited with the necessary breathing space to restructure its operations and settle its debts.

The constitution of the Committee of Creditors and the successful completion of its first meeting mark crucial steps in the PPIRP for SAB Events & Governance Now Media Limited. This process highlights the ongoing challenges faced by companies in the events and media sector, particularly those heavily reliant on in-person gatherings.

SAB Events & Governance Now Media Limited , a company listed on the Indian stock exchanges, has recently received two significant corporate updates that may impact its governance structure.

Promoter Reclassification Request

Mr. Markand Navnitlal Adhikari, a promoter of SAB Events & Governance Now Media Limited, has submitted a request to reclassify his shareholding from the 'Promoter' category to the 'Public' category. This request comes as Mr. Adhikari seeks to distance himself from the company's operations and focus on personal pursuits.

Key details of the reclassification request:

Mr. Adhikari stated that he resigned from his position as a non-executive director a year ago and has not been associated with the company's business operations for the past two years. At 68 years of age, he expressed his desire to withdraw from corporate affairs to focus on social service and prayer.

In his request, Mr. Adhikari confirmed that he does not:

• Hold more than 10% of the voting rights
• Exercise direct or indirect control over the company's affairs
• Have any special rights through formal or informal arrangements

It's worth noting that Mr. Adhikari's son, Kailasnath Adhikari, serves as the Managing Director of the company but is said to function independently.

Chairman's Resignation

In a separate development, Mr. Ravi Adhikari has tendered his resignation from the positions of Chairman and Director of SAB Events & Governance Now Media Limited. The resignation is effective from the close of business hours on November 11, 2025.

Mr. Ravi Adhikari cited his intention to pursue creative endeavors as the reason for his departure. In his resignation letter, he expressed gratitude to the management, fellow directors, and staff for their support during his tenure.

The company has stated that it will take necessary steps to comply with regulatory requirements, including filing the required forms with the Registrar of Companies and informing the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) of these changes.

These developments may signal a shift in the company's leadership structure and potentially its strategic direction. Shareholders and market observers will likely be watching closely to see how these changes may impact the company's governance and operations moving forward.