Resignation of Whole-Time Director of the Company - Mr. Madhukar Vishnu Talwalkar
Awaiting price reaction for this filing.
Talwalkars Better Value Fitness Ltd, which is under the Corporate Insolvency Resolution Process (CIRP), has had its board completely reconstituted following an NCLT Mumbai order dated February 26, 2026. Five new directors (including a new Managing Director Arvind Bhanushali, Executive Director Kurjibhai Rupareliya, and three others) have been confirmed by the NCLT, while the existing Managing Director Girish Talwalkar, Whole-Time Directors Madhukar Talwalkar and Vinayak Gawande, an Independent Director, and CFO Dinesh Srinivas Rao have been deemed to have ceased office. The company has also appointed a new Company Secretary (Pooja Jain) and a new CFO (Satish Kalmaste), and reconstituted its board committees, effective March 16, 2026. This represents a near-complete changeover of the old management, including the founding Talwalkar family members.
Shareholders should note that the company is under insolvency resolution, and the original promoter-led management (including the Talwalkar family) has been replaced by an NCLT-approved new board. This is a significant governance reset, and stock price may see continued volatility given the underlying CIRP status and uncertainty around the resolution plan.