The music company, whose clients include Morrissey, Sir Elton John, Guns’n’Roses and Beyoncé, and was for so long a stock-market darling, has had another awful week.

As well as announcing that it would in fact make a loss this year rather than the vast profits it had promised, fading rocker and chief executive Andy Taylor lamely said he would make some cost savings.

Among those not interested in waiting for these was Sir Christopher Meyer, formerly Our Man in Washington, and non-executive director of Sanctuary, who resigned, sending the shares down to 8p.

Although the stock is already down 80% this year, many traders, including Simon Cawkwell — aka Evil Knievil — are still shorting the stock, since the future of the company is looking as thin and shaky as Kate Moss at the moment. Sanctuary’s debts are now more than four times the size of its market capitalisation. Trading out of these depths looks improbable and a rights issue laughable.

In fact, things could get even worse for the group. For example, news last week that the “fundamental review of the business” would include a careful look at the com- pany’s “accounting policies” could be ominous.

The company’s own rescue plans are even less convincing — so far I hear it has decided to sell its classical division, axe 100 jobs in America and unload some more non-executives to cut costs.

A more dramatic remedy, such as a big debt-for- equity swap, is more likely in the next few weeks.

But I don’t think even this will be enough for Sanctuary. I could be wrong, but it feels like it is knocking on heaven’s door.

Much has centred on the appointment of his son Aditya, 29, as finance director at Mittal Steel, the world’s biggest steel company.

Critics may have missed the newest board member. Step forward Vanisha Mittal Bhatia, Lakshmi’s daughter, who was given a seat on the board in December. Vanisha, 25, is studying for a masters in South Asian studies at London’s School of Oriental and African Studies.

Vanisha sprang to public attention last year. Her wedding, to Arnit Bhatia, was one of the big events of last year and brought the Mittal name to the tabloids’ attention. Lakshmi forked out a reported $60m for a five-day bash around Paris, including an event at Versailles and a concert by Kylie Minogue.

Vanisha’s seat on the board might give ammunition to critics of the Mittals’ corporate governance — but then again, it’s really their company to run. Lakshmi and the rest of the family have 88% of the shares.