Result for the quarter ended June 30, 2023
Awaiting price reaction for this filing.
Talwalkars Better Value Fitness Ltd has reported zero revenue from operations for Q1 FY2023 (quarter ended June 30, 2023), with a net loss of Rs. 863.70 lakh. The company was under Corporate Insolvency Resolution Process (CIRP) from January 2021 and subsequently liquidation from April 2022, during which operational activities were completely suspended. The newly reconstituted management, which acquired the company as a going concern on November 7, 2024, has reconstructed these financial results on a 'best-effort basis' as they lacked access to complete books of accounts, original vouchers, and underlying IT servers. The auditor has issued a Disclaimer of Opinion citing pervasive scope limitations — unable to verify fixed assets, inventories, receivables, payables, or assess internal financial controls. Pre-transfer equity share capital has been cancelled per NCLT order, and all historical liabilities extinguished.
This result reflects a non-operational entity during insolvency proceedings. Investors should note that these financials carry significant reliability concerns due to absence of primary records, and the pre-acquisition equity stands extinguished without any payment to existing shareholders.