Result for the quarter ended September 30, 2023
Awaiting price reaction for this filing.
Talwalkars Better Value Fitness Ltd reported zero revenue for Q2 FY24 (Rs. Nil) as the company was not operational during this period. The company recorded a net loss of Rs. 833.90 lakhs, driven entirely by depreciation charges of Rs. 833.90 lakhs with no other operational expenses. The company underwent Corporate Insolvency Resolution Process (CIRP) initiated in January 2021, followed by Liquidation proceedings from April 2022, with no resolution plan received. The company was subsequently acquired as a going concern on November 7, 2024. The auditor issued a disclaimer of conclusion citing non-availability of complete books of accounts, inability to verify assets, receivables, payables, and other records. The NCLT Order dated February 26, 2026 extinguished all pre-transfer liabilities and cancelled the existing equity share capital, with Fresh Start Accounting adopted from the Transfer Date.
This is a highly distressed result for a company that was under insolvency proceedings during the entire period. Zero revenue and heavy losses reflect non-operational status. The cancellation of equity share capital and extinguishment of liabilities means existing shareholders have lost their entire investment. The new management has acquired the company as a going concern from November 2024, but historical financials carry no reliability due to auditor disclaimer.