SAB Events Promoter Reclassification Application Rejected

SAB Events & Governance Now Media Ltd announced that its application to reclassify Mr. Markand Navnitlal Adhikari from 'Promoter' to 'Public' category has been rejected by both BSE Limited and National Stock Exchange of India Limited. The rejection is based on non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically Regulation 31A(3)(b). The reason cited is that an immediate relative of the promoter seeking reclassification is represented on the Board of Directors as the Managing Director, violating the conditions that such individuals should not be represented on the board or act as key managerial personnel.