Following a probe into both the company accounts and the movements of the group's suspended finance director Hatim Dungarwalla, a number of faults were found which, once corrected, necessitated the group filing for liquidation.
As a result, the board of Podia has concluded that it should explore offers for either the group as a whole or individual offers for its trading subsidiaries - PR outfit Jardine Communications and event management firm Event Vision.
The financial irregularities came from within the group's TMG licensing and merchandising division which has a number of distribution deals with Formula One teams such as BMW Williams, Honda, Jaguar and Jordan.
Dungarwalla was suspended from his post at the end of October when the internal investigation began at the same time as which the group took voluntary suspension from trading on London's Alternative Investment Market (AIM).
The suspension from the stock exchange has meant that the Podia group has had limited resource to resolve its financial arrears forcing the company to opt instead for a sale.
Formula One marketing group Podia has put itself up for sale after an internal investigation uncovered significant financial irregularities forcing the company into liquidation.
