SAB TV Network sees MD, chairman, directors resign; here's what is happening

Sri Adhikari Brothers Television Network Ltd (SAB TV Network) on Tuesday notified the stock exchanges about a wave of top-level resignations, all effective November 18, 2025. The exits come due to a change in management and control following an open offer.

The company said Ravi Gautam Adhikari stepped down as Chairman and Non-Executive Director due to the shift in management and control triggered under Regulation 3(1) and Regulation 4 of the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. In his resignation letter, he stated that there was no material reason for his exit beyond what was mentioned.

Managing Director Kailasnath Markand Adhikari also resigned, with his departure effective the same day. In addition, Non-Executive Director Latasha Laxman Jadhav tendered her resignation. Independent Directors Umakanth Bhyravajoshyulu, Ganesh Prasad Raut and Pritesh Rajgor also stepped down from their respective posts.

The series of resignations follows the submission of a Letter of Offer by Grow House Wealth Management Pvt Ltd. Acting on behalf of Kurjibhai Premjibhai Rupareliya and Leading Leasing Finance and Investment Company Ltd (LLFICL), the entity has proposed to acquire up to 53,46,238 equity shares, representing 13.24 per cent of the emerging voting share capital of SAB TV Network Ltd.

In June, the promoters of SAB TV Network sold 1.5 crore equity shares to Kurjibhai Rupareliya. According to an exchange filing, Ruani Media Service Ltd, part of the promoter group, divested 1,50,00,000 shares, accounting for around 59.12 per cent of the company's existing equity share capital at that time. The sale marked a significant shift in ownership and paved the way for the subsequent open offer.

Stock-wise, SAB TV Network shares were locked in the 5 per cent upper circuit at Rs 1,076.35. Both BSE and NSE have placed the company's stock under the long-term ASM (Additional Surveillance Measure) Stage 1 framework. Securities are moved to short-term or long-term ASM lists when exchanges detect elevated volatility or unusual price movement, with the aim of cautioning investors and promoting market stability.