SAB Events & Governance Now Media Limited , a public company operating in the digital media and MICE (Meetings, Incentives, Conferences, and Exhibitions) sector, has announced significant developments in its ongoing Pre-Packaged Insolvency Resolution Process (PPIRP).

Appointment of Transaction Auditor

SAB Events & Governance Now Media Limited has appointed Mr. Parthajit Ghosh as Transaction Auditor for its ongoing Pre-Packaged Insolvency Resolution Process. This appointment follows the admission order received from the National Company Law Tribunal (NCLT), Mumbai Bench. Mr. Kedar Parshuram Mulye, the Resolution Professional, made the appointment to conduct an audit on transactions in accordance with the Insolvency and Bankruptcy Code, 2016.

Admission of Pre-Packaged Insolvency Resolution Process

The NCLT, Mumbai Bench, had previously admitted the company's petition for initiating a PPIRP under Section 54C of the Insolvency and Bankruptcy Code, 2016. This decision came in response to the company's financial distress, which it attributes to a prolonged decline in revenue, exacerbated by the COVID-19 pandemic's impact on its MICE business segment.

Mr. Kedar Parshuram Mulye was appointed as the Resolution Professional to conduct the PPIRP. The NCLT order includes a moratorium on legal proceedings against the company and restrictions on asset transfers.

Leadership Changes

Concurrent with the PPIRP initiation, the company has announced key changes in its leadership:

1. Mr. Ravi Adhikari has resigned from his positions as Chairman and Director. His departure is reportedly to pursue creative endeavors.

2. Mr. Markand Navnitlal Adhikari, holding 4.59% of the company's equity shares, has requested reclassification from 'Promoter' to 'Public' shareholder category. This move is part of his stated intention to withdraw from corporate affairs and focus on social service and personal pursuits.

3. Mr. Kailasnath Adhikari continues as the Managing Director, now overseeing the company's operations during this critical phase.

Financial Challenges

The company's financial statements reveal significant challenges:

These factors, along with the inability to service debt obligations, have contributed to material uncertainty regarding the company's ability to continue as a going concern.

Path Forward

As part of the PPIRP, the company has outlined a base resolution plan that includes provisions for:

• Payment of PPIRP costs, estimated at Rs. 50 lakhs
• Addressing the claims of financial creditors and employees

The management of SAB Events & Governance Now Media Limited will remain vested with the Board of Directors during the PPIRP, subject to the oversight of the Resolution Professional.

As the company navigates through this challenging period, stakeholders will be closely watching the outcomes of the insolvency process, including the transaction audit to be conducted by Mr. Parthajit Ghosh, and the potential for business revival in the evolving digital media landscape.

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, continues its Pre-Packaged Insolvency Resolution Process (PPIRP) with the announcement of its third Committee of Creditors meeting.

Latest Development: Third CoC Meeting Notification

On January 19, 2026, SAB Events & Governance Now Media Limited informed the stock exchanges about its upcoming 3rd Committee of Creditors meeting. The meeting is scheduled for Friday, January 23, 2026, at 04:30 P.M., in accordance with Section 54(I) and other applicable provisions of the Insolvency and Bankruptcy Code, 2016.

Meeting Agenda and Purpose

The primary agenda for the upcoming meeting includes the approval and ratification of PPIRP costs incurred by the Resolution Professional from the 2nd CoC Meeting till the date of this meeting. This represents a continuation of the structured insolvency resolution process that began earlier.

Previous PPIRP Milestones

The company's insolvency resolution journey has progressed through several key stages:

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 followed 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. During this meeting, several important decisions were made including approval of the Resolution Professional, appointment of registered valuers, appointment of a transaction auditor, ratification of PPIRP costs, and approval for the circulation of Information Memorandum to creditors.

Financial Position and Debt Structure

The company's financial distress was exacerbated by the COVID-19 pandemic and its restrictions on public gatherings. The current debt structure shows:

Resolution Plan Framework

Under the proposed resolution plan, financial creditors will receive ₹2.00 crores within 90 days, representing a full settlement of their claims. A moratorium has been declared, prohibiting any legal proceedings against the company during the resolution process.

Business Impact and Recovery

The company's MICE vertical, which organized on-ground events, was severely impacted by the pandemic, with operations coming to a complete halt during the peak of COVID-19. The business has not fully recovered since then, leading to the current insolvency proceedings.

The upcoming third Committee of Creditors meeting represents another step forward in SAB Events & Governance Now Media Limited's structured approach to resolving its financial challenges through the Pre-Packaged Insolvency Resolution Process.