**SAB Events & Governance Now Media Limited** is a niche Indian media and management enterprise operating under the flagship brand **"Governance Now."** The company functions as a multi-media initiative focused on participatory journalism, public policy analysis, and the governance of Indian public institutions. It is currently navigating a critical structural and financial transition, shifting from traditional print and event models toward a technology-driven digital media approach while undergoing formal insolvency resolution. --- ### **Core Business Verticals & Revenue Streams** The company operates through a **single reportable segment**: **Digital Media Websites & MICE** (Meetings, Incentives, Conferences, and Exhibitions). * **Digital Content Hub:** The primary portal, **www.governancenow.com**, features reportage from senior journalists and expert contributors. * **Video Media:** A dedicated YouTube channel (**SAB Group Governance Now**) with approximately **0.5 million subscribers**. * **MICE Platform:** Specializes in niche B2B events and "On-Ground Conferences," targeting Public Sector Undertakings (PSUs), BFSI, and technology sectors. * **Monetization Model:** Revenue is primarily driven by **Advertisement and Sponsorship** (recognized upon release orders) and **Event Revenues** (recognized upon event occurrence). ### **Strategic Pivot: Digital Transformation & AI Integration** To counter traditional media decline, the company is executing a technology-first strategy: * **Multi-Platform Reach:** Aiming to monetize content through **e-magazines**, **smartphones**, and **e-commerce** platforms, with dedicated offerings for tablets and web devices. * **Technological Moats:** Actively integrating **Generative AI** and digital automation to maintain engagement and streamline content creation. * **Event Recovery:** Resumption of **"On-Ground Conferences"** and a focus on **Indigenous events** to boost productivity, with a target of **15% growth** in productivity as market conditions stabilize. ### **Key Event Portfolio (2023-2024)** The company maintains a strong presence in the PSU and Governance sectors through specialized forums: | Sector | Key Events & Summits | | :--- | :--- | | **PSU & IT** | 11th PSU Awards, 9th India PSU IT Forum, West PSU Tech Symposium | | **Tech & Security** | 3rd India CISO Meet, 5th Digital Transformation Summit, RailTech Summit | | **Governance** | India Police Summit & Awards, Urban GovTech Transformation Conclave | ### **Financial Performance & Capital Structure** The company has faced persistent net losses, leading to a non-recommendation of dividends for recent cycles. **Three-Year Financial Summary:** | Metric (₹ in Lakhs) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Income/Revenue** | **214.81** | **201.15** | **221.11** | | **Loss After Tax (LAT)** | **(73.61)** | **(109.31)** | **(98.79)** | | **Net Worth** | **Negative** | **Negative** | **Negative** | **Capital Expansion & Fundraising:** To address capital constraints, the company significantly expanded its authorized capital in late 2025: * **Authorized Share Capital:** Increased from **₹11.03 Crore** to **₹32.00 Crore**. * **Fundraising Limit:** Approved to raise up to **₹50.00 Crore** via QIPs, GDRs, ADRs, or FCCBs. * **Equity Composition:** **3,19,60,000** Equity Shares of **₹10** each and **40,000** Non-Convertible Non-Cumulative Redeemable Preference Shares. ### **Insolvency Proceedings & Debt Resolution** The company is currently under a formal resolution process to address its financial distress: * **Pre-Packaged Insolvency Resolution Process (PPIRP):** On **November 4, 2025**, the **NCLT Mumbai Bench** admitted the company’s petition for **PPIRP** under **Section 54C** of the IBC. * **Debt & Creditors:** The process involves a debt of **₹4.53 Crores** owed to **Saturn Fund (AIF - Category II)**. * **Resolution Professional:** **Mr. Kedar Parshuram Mulye** has been appointed to oversee the process. * **Strategic Acquisition:** The company was part of a successful consortium resolution applicant for **Sri Adhikari Brothers Television Network Limited**, approved by the NCLT in **December 2023**. ### **Leadership & Governance Evolution** The company has undergone a generational leadership shift and strengthened independent oversight: * **Chairman Emeritus:** **Mr. Markand Adhikari** transitioned to this role in August 2024. * **Chairman:** **Mr. Ravi Adhikari** (Appointed Aug 2024). * **Managing Director:** **Mr. Kailasnath Adhikari**, re-appointed until **June 2030** (serving without remuneration). * **Independent Oversight:** **Mr. Anurag Shailendra Mishra** and **Ms. Neha Vinod Kothari** appointed as Independent Directors for 5-year terms effective February 2026. * **Auditors:** **M/s. HRU & Associates** (Secretarial Auditors) appointed through **FY 2029-30**. ### **Critical Risk Factors & Audit Qualifications** Investors should note several material uncertainties highlighted by statutory auditors: * **Going Concern Uncertainty:** Current liabilities are **3.74 times** current assets, and the company has a **negative net worth**. * **Accounting Non-Compliance:** * **Interest Provision:** Failure to provide for interest expenses on loans since **October 2022** (approx. **₹23.93 Lakhs** for FY 2024-25). * **Goodwill Impairment:** Auditors noted a "strong indication of impairment" for Goodwill (valued at **₹2.64 Lakhs**), but management has not performed mandatory **IND-AS 36** testing. * **Lease Accounting:** Non-compliance with **IND-AS 116** since April 2020. * **Market & Operational Risks:** * **Human Capital:** High reliance on a small team of **10 permanent employees**. * **Digital Threats:** Facing "cookie degradation" and "walled content gardens" which limit data personalization. * **Competition:** Intense pressure from global social platforms and aggregators in the digital advertising space.