Saregama India Limited’s Board of Directors has approved the closure of its wholly-owned subsidiary, Saregama FZE, Dubai. Additionally, the Board has sanctioned the proposal to initiate the voluntary liquidation of another wholly-owned subsidiary, Kolkata Metro Networks Limited (KMNL). These decisions are part of the company’s ongoing restructuring efforts to streamline operations and reduce administrative costs. The financial impact on Saregama India Limited is anticipated to be immaterial.
Board Approves Key Restructuring Moves
Saregama India Limited announced on November 4, 2026, following a Board of Directors meeting, two significant decisions regarding its subsidiaries. The company has approved the closure of Saregama FZE, Dubai, a wholly-owned subsidiary. This move is aimed at eliminating recurring administrative, regulatory, and operational costs, as the subsidiary currently has no ongoing business operations. Saregama FZE is not considered a material subsidiary, and its closure is not expected to materially impact the company’s business operations.
Voluntary Liquidation of KMNL
In a parallel decision, the Board also approved the proposal to initiate the voluntary liquidation of another wholly-owned subsidiary, Kolkata Metro Networks Limited (KMNL). This decision comes after an evaluation of KMNL’s operational and commercial rationale, determining that its continued existence as a separate legal entity is no longer commercially or operationally necessary. The liquidation will proceed under the Insolvency and Bankruptcy Code, 2016, subject to requisite approvals. Saregama has stated that KMNL is not a material subsidiary and its voluntary liquidation will not have any material impact on the consolidated financials of the company.
Financial Results Reviewed
As part of the same meeting, the Board of Directors considered and approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half-year ended September 30, 2026. These results, along with the Limited Review Report from the Statutory Auditors, have been submitted to the stock exchanges.
Source: BSE
