Corporate Insolvency Resolution Process

July 11, 2026 To, To, The Manager – CRD, The Manager, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Fort, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip Code: 540081 Symbol: SABEVENTS Subject: Disclosure pursuant to Regulation 30 read with Schedule III Part A of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 - Approval of Resolution Plan by the Hon'ble National Company Law Tribunal, Mumbai Bench in respect of SAB Events & Governance Now Media Limited (“the Company / Corporate Debtor”) Dear Sir/Madam, This is in continuation to our earlier intimation dated July 10, 2026 wherein the Company had informed the Stock Exchanges regarding oral pronouncement of the Order by the Hon’ble National Company Law Tribunal, Mumbai Bench (“NCLT”), approving the Resolution Plan under Section 54L of the Insolvency and Bankruptcy Code, 2016 (“IBC”) read with the applicable provisions of the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021, and thereby approving the Application of Pre-Packaged Insolvency Resolution Process (“PPIRP”) filed the Company on October 17, 2025. We wish to inform you that the Hon’ble NCLT has placed the said Order on its website on July 10, 2026, at 11:05 p.m., a copy of which is enclosed herewith as Annexure I. Additional disclosures as required in terms of sub-para 16(k) and (l) of Para A of Part A of Schedule III of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, as Annexure II. Kindly take the above information on record. Thanking You, Yours Faithfully, For SAB Events & Governance Now Media Limited Kailasnath Markand Adhikari Chairman & Managing Director DIN: 07009389 IN THE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH- I IA(IBC)(Plan)/15/MB/2026 CP (IBPP) No. 1 of 2025 Under Section 54K (12) read with Section 31 of the IBC and Regulation 49(1) of the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulation, 2021 In the matter of and in IA(IBC)(Plan)/15/MB/2026; Mr. Kedar Parshuram Mulye Resolution Professional of SAB Events & Governance Now Media Limited …Applicant Versus SRI ADHIKARI BROTHERS DIGITAL NETWORK LIMITED … Respondent In the matter of; SAB Events & Governance Now Media Limited … Corporate Debtor Versus SATURN FUND … Financial Creditor Order Delivered on: 10.07.2026 Coram: Shri Prabhat Kumar Shri Sushil Mahadeorao Kochey Member(Technical) Member(Judicial) IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH- I IA(IBC)(Plan)/15/2026 IN CP(IBPP) No. 1 of 2025 Appearances: For the Applicant : Adv. Shadab Jain a/w Adv. Umang Mehta, Adv. Ayushi Adhikari and Adv. Ameer For Resolution Professional : Adv. Rohit Gupta ORDER Per: Coram Brief Background 1. The present Application is filed by Mr. Kedar Parshuram Mulye, (“Applicant/Resolution Professional”) of SAB Events & Governance Now Media Limited (“Corporate Debtor”) under Section 54K of the Insolvency and Bankruptcy Code, 2016 (“Code”) r/w Regulation 49 of the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021 (“PPIRP Regulations”) for approval of the Resolution Plan dated 02.02.2026 submitted by the Corporate Applicant and for passing order/appropriate direction that this Tribunal may deem fit in the present matter. The Resolution Plan has been approved by 100% majority in the 4th CoC meeting held on 06.02.2026. 2. The Corporate Applicant is a body corporate incorporated under the relevant provisions of the Companies Act, 1956 bearing CIN: L22222MH2014PLC254848 and having its registered address at Plot No. 46, Adhikari Villa, Hatkesh CHS, JVPD Scheme, Vile Parle (West), Juhu, Mumbai, Maharashtra, India, 400049. 3. The Corporate Applicant is engaged in the business of digital media, websites, and MICE (Meetings, Incentives, Conferences and Exhibitions) services, and operates under its flagship brand “Governance Now”, a multimedia initiative focused on participatory journalism relating to public institutions and societal processes in India. The Corporate Applicant also operates through its online Page 2 of 33 IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH- I IA(IBC)(Plan)/15/2026 IN CP(IBPP) No. 1 of 2025 platform, www.governancenow.com. It is an MSME enterprise registered under Udyam Registration No. UDYAM-MH-18-0007209 dated 01.09.2020 and is listed on the Main Board of both the BSE Limited and the National Stock Exchange of India Limited. 4. The authorized share capital of the Corporate Applicant is Rs. 32,00,00,000/- (Rupees Thirty-Two Crores Only), divided into 3,19,60,000 Equity Shares of Rs. 10/- each and 40,000 Non-Convertible Non-Cumulative Redeemable Preference Shares of Rs. 10/- each. The paid-up share capital of the Corporate Applicant is Rs. 10,49,37,110/- (Rupees Ten Crores Forty-Nine Lakhs Thirty- Seven Thousand One Hundred and Ten Only), comprising Rs. 10,48,37,110/- divided into 1,04,83,711 Equity Shares of Rs. 10/- each, fully paid-up, and Rs. 1,00,000/- divided into 10,000 0.01% Non-Convertible Non-Cumulative Redeemable Preference Shares of Rs. 10/- each, fully paid-up. 5. The Corporate Applicant's financial distress stems from a prolonged revenue decline, aggravated by the COVID-19 pandemic, which halted its MICE event business and significantly reduced sponsorship and advertising income. The shift toward digital content further strained resources, while substantial receivables from government and institutional clients led to a liquidity crunch. Fixed overheads remained constant, worsening cash flow pressures. As of 31.03.2025, current liabilities exceed current assets by 4.70 times, raising serious concerns about its ability to continue as a going concern without financial and operational revival. 6. A meeting of the Board of Directors of the Corporate Applicant was duly convened and held on 14.08.2025, wherein the Board, after considering the financial position of the Corporate Applicant, approved the initiation of the Pre-Packaged Insolvency Resolution Process under Section 54C of the Insolvency and Bankruptcy Code, 2016. The Board further authorized Mr. Kailasnath Markand Adhikari and Mr. Ravi Gautam Adhikari to file the Page 3 of 33 IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH- I IA(IBC)(Plan)/15/2026 IN CP(IBPP) No. 1 of 2025 present Application and to do all such acts, deeds and things as may be necessary or incidental for initiating and prosecuting the said process before this Adjudicating Authority. 7. It is submitted that this Adjudicating Authority, vide order dated 04.11.2025 passed in CP (IBPP) No. 1 (MB) 2025, admitted the Application filed by SAB Events & Governance Now Media Limited under Section 54C of the Insolvency and Bankruptcy Code, 2016 for initiation of the Pre-Packaged Insolvency Resolution Process (“PPIRP”). Pursuant thereto, Mr. Kedar Parshuram Mulye, Resolution Professional, was appointed as the Resolution Professional to conduct the PPIRP in accordance with the provisions of Chapter III-A of the Insolvency and Bankruptcy Code, 2016 and the applicable regulations framed thereunder. 8. The Binding Resolution Plan was placed before the Committee of Creditors for its consideration and voting. The Committee of Creditors, in its 4th Meeting held on 06.02.2026, approved the Binding Resolution Plan with 100% voting share, which is in excess of the minimum voting threshold of 66% prescribed under Section 54K(9) of the Insolvency and Bankruptcy Code, 2016. Accordingly, the Resolution Plan stands duly approved by the Committee of Creditors in compliance with the requirements of the Code. 9. The Binding Resolution Plan has been submitted by the Corporate Applicant under Section 54K of the Insolvency and Bankruptcy Code, 2016, as permissible in the case of an MSME entity. The Resolution Plan envisages the revival and restructuring of the Corporate App [Showing first 8,000 characters — download PDF for full document]