Good Glamm Has ₹594 Cr of Registered Secured Debt Still Active

The public charges register carries a specific piece of information that annual accounts do not: the timing and status of each secured facility. A charge is registered when a facility is created and satisfied when it is repaid. Nothing about the Corporate Insolvency Resolution Process (CIRP) at the National Company Law Tribunal removes a live charge from the register. The debt stays visible.

For Sanghvi Beauty & Technologies Private Limited, the parent entity of The Good Glamm Group, currently Under CIRP per the public records, the charges register carries fifteen entries. Only one has been satisfied. Eleven are still marked ACTIVE, and three more sit MODIFIED but not retired, so they remain on the register as outstanding secured claims.

The composition of the ₹594 Cr

Only ₹100 Cr of the outstanding secured debt sits with institutional banks: ₹40 Cr with HDFC and ₹60 Cr with HSBC (₹50 Cr modified in 2023 plus a separate ₹10 Cr facility from the same period).

The remaining ₹494 Cr is registered against holders the public register labels simply as "Others". In the Indian charges register, this bucket is dominated by NBFCs, private-credit funds, and specialised lenders that sit outside the scheduled commercial banking system. The register does not disaggregate them by name at this indexing level.

The single largest active charge, ₹125 Cr registered in February 2023, is the biggest exposure visible in the register. The next ₹100 Cr entry from October 2021 sits alongside the acquisition-programme fundraise. Together, those two facilities alone are more than double the combined bank exposure.

Six new charges registered during the black-box window

The window between the last audited accounts (FY23, ending March 2023) and the CIRP admission (26 September 2025) is the period when the company stopped filing annual returns and stopped holding annual general meetings. The public balance sheet went silent. The charges register did not.

Six new secured facilities were registered during that period:

• ₹50.00 Cr (11 April 2023)
• ₹15.01 Cr (18 April 2023)
• ₹55.00 Cr (2 January 2024)
• ₹25.25 Cr (3 January 2024)
• ₹25.18 Cr (21 August 2024)
• ₹32.33 Cr (25 March 2025)

The total new secured borrowing after the last audit and before insolvency admission is ₹202.77 Cr. All six holders are recorded as "Others", meaning non-bank origination.

There are a limited number of reasons a company in growing operational stress registers new secured borrowings.

The first is bridge financing. A distressed company may raise short-term secured debt to bridge working-capital shortfalls while a rescue transaction or rights issue is negotiated. In that case, the security is granted to a new lender who wants collateral for the exposure.

The second is forbearance-driven security enhancement. An existing lender, worried about existing exposure, may negotiate additional security in exchange for not calling default. In that case, the new charge is a security-side action, not necessarily new cash coming in.

The third is a related-party financing transaction. A director, shareholder, or related entity may extend a secured facility to fund payroll or supplier obligations.

The register alone cannot distinguish between these interpretations. What it establishes is that during the twenty-nine months between the last full-year audit and the insolvency filing, the company was still originating fresh secured facilities. That is a very different pattern from a company retiring debt into a soft landing.

The FY23 balance sheet vs the charges register

At the last audited standalone balance sheet (31 March 2023), Sanghvi Beauty & Technologies reported:

• Short-term borrowings: ₹243.7 Cr
• Long-term borrowings: ₹125.6 Cr
• Total borrowings: ₹369.3 Cr

The charges register on that same date (excluding the six post-FY23 additions) shows ₹391 Cr of active or modified secured facilities. The two numbers are broadly consistent as an order-of-magnitude match.

By September 2025, when CIRP was admitted, the register had grown by roughly ₹200 Cr in new secured facilities on top of that base. The audit has not been updated to reflect this. The register has.

What the register does not show

Two things the register cannot tell an outside observer.

It does not show whether the drawn balance on any facility exceeds or falls short of the registered principal. The register captures the security ceiling, not the current draw.

It does not show whether the facility is performing or in default. The register captures creation, modification, and satisfaction events, but not payment status. That information would be in the lenders' books or, once the process begins, in the Resolution Professional's information memorandum.

The resolution plan, when approved by the tribunal, will disclose how these registered facilities are treated. Until then, the charges register is the boundary of what is public. What it establishes: at least ₹594 Cr of secured facilities remain on the record, and roughly a third of that was added inside the twenty-nine-month window when the company was no longer filing annual accounts.