Appointment of Non-Executive Non-Independent Director of the company
Awaiting price reaction for this filing.
The NCLT Mumbai, via its February 26, 2026 order under the company's insolvency proceedings, has confirmed a new board of directors effective March 16, 2026. The new board includes Arvind Pradhan Bhanushali as Managing Director (5-year term), Kurjibhai Premjibhai Rupareliya as Executive Director, Shilpa Singh as Non-Executive Director, and Priyanshu Sheth and Jignesh R. Lasaniawala as Independent Directors. Simultaneously, the previous leadership — promoter-family directors Madhukar Talwalkar, Girish Talwalkar, Whole-Time Director Vinayak Gawande, Independent Director Abhijeet Patil, and CFO Dinesh Srinivas Rao — have all been deemed to cease office. The company also appointed Ms. Pooja Jain as the new Company Secretary and Compliance Officer, and Mr. Satish Kalmaste as the new CFO. Board committees have been reconstituted accordingly. This is a complete management reset tied to the company's ongoing Corporate Insolvency Resolution Process (CIRP).
A full-scale change of guard at Talwalkars — the founding Talwalkar family has been removed and replaced by an NCLT-appointed board, signalling active progress in the insolvency resolution. Stock may see sharp volatility, and shareholders should track the resolution plan outcome closely as it will determine any revival or value recovery.