Resignation of Whole-Time Director - Mr. Vinayak Ratnakar Gawande
Awaiting price reaction for this filing.
Following an NCLT Mumbai order dated February 26, 2026 in the company's insolvency proceedings (CIRP), the board of Talwalkars Better Value Fitness has been completely reconstituted effective March 16, 2026. Five new directors have been confirmed, including Mr. Arvind Pradhan Bhanushali as Managing Director, Mr. Kurjibhai Premjibhai Rupareliya as Executive Director, Ms. Shilpa Singh as Non-Executive Director, and two Independent Directors (Mr. Priyanshu Sheth and Mr. Jignesh Lasaniawala). The previous Managing Director (Girish Madhukar Talwalkar), both Whole-Time Directors (including promoter Madhukar Vishnu Talwalkar), one Independent Director, and the CFO have all ceased office. A new CFO (Mr. Satish Kalmaste) and Company Secretary (Ms. Pooja Jain) have been appointed. This is a court-driven change during the company's ongoing Corporate Insolvency Resolution Process, with the original promoter family effectively removed from the board.
Shareholders should note this signals a major shift in control — the Talwalkar promoter family has been replaced on the board by NCLT-appointed directors, confirming the company is firmly under insolvency resolution. Existing equity holders face high risk of dilution or write-down depending on the resolution plan ultimately approved.