Sab Events & Governance Now Media Limited has informed the Exchange regarding 'Appointment of M/S. HRU & Associates, Practicing Company Secretary, as the Secretarial Auditors of the Company for the term of 5 (five) consecutive years'.
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Awaiting price reaction for this filing.
SAB Events & Governance Now Media Limited reported a net loss of Rs. 24.30 lakhs for Q1 FY26 (quarter ended June 30, 2025) on total income of Rs. 40.68 lakhs, with negative other equity of Rs. (1,247.64) lakhs. The Board approved initiation of the Pre-Packaged Insolvency Resolution Process (PPIRP) under the Insolvency and Bankruptcy Code, 2016, and appointed Mr. Kedar Parshuram Mulye as the Resolution Professional, citing the company's inability to service debt obligations. The statutory auditors flagged material uncertainty on going concern, noting current liabilities are 4.82 times current assets, and issued a qualified conclusion on unprovided interest of ~Rs. 5.97 lakhs and potential goodwill impairment of Rs. 42.38 lakhs. Additionally, the Board appointed M/s HRU & Associates as Secretarial Auditors for 5 years (FY2025-26 to FY2029-30) and approved increasing authorised share capital from Rs. 11.03 crores to Rs. 32 crores, subject to shareholder approval.
This is a highly negative development for shareholders. The company is entering a formal insolvency resolution process, which typically puts equity at significant risk of dilution or wipeout. The going concern qualification, negative net worth, and debt servicing problems suggest the stock could see sharp volatility and downside pressure.