Appointment of Independent Director of the Company - Mr. Jignesh R Lasaniawala
Awaiting price reaction for this filing.
Talwalkars Better Value Fitness Ltd, which is under insolvency proceedings, has had its board reconstituted following an NCLT Mumbai order dated February 26, 2026. The NCLT confirmed five new directors including Mr. Jignesh R. Lasaniawala as Independent Director for a 5-year term, along with a new Managing Director (Arvind Pradhan Bhanushali), an Executive Director, a Non-Executive Director, and another Independent Director. The previous board was deemed to have ceased office on March 16, 2026, including the Talwalkar promoter family members (Girish and Madhukar Talwalkar) who were Managing Director and Whole-Time Director respectively, along with another Whole-Time Director, an Independent Director, and the CFO. A new CFO (Mr. Satish Kalmaste) and Company Secretary (Ms. Pooja Jain) were also appointed on the same date.
This is a major governance reset driven by the insolvency process — the original Talwalkar promoter family has been completely removed from the board, with a new management team installed by NCLT. Shareholders should expect a change in business direction as the company moves through its resolution plan; this typically brings uncertainty but also potential for restructuring-led recovery.