Talwalkars Better Value Fitness Limited has informed the Exchange regarding Appointment of Mr Kurjibhai Premjibhai Rupareliya as Executive Director of the company w.e.f. March 16, 2026.
Awaiting price reaction for this filing.
Following an NCLT Mumbai order dated February 26, 2026 (in the company's insolvency petition C.P. (IB) No. 1056/MB/2020), Talwalkars has undergone a near-complete board overhaul effective March 16, 2026. A new Managing Director (Arvind Pradhan Bhanushali), Executive Director (Kurjibhai Rupareliya), Non-Executive Director (Shilpa Singh), and two Independent Directors (Priyanshu Sheth, Jignesh Lasaniawala) have been confirmed. The previous Managing Director Girish Talwalkar, Whole-Time Directors Madhukar Talwalkar and Vinayak Gawande, Independent Director Abhijeet Patil, and CFO Dinesh Srinivas Rao have all ceased office. The company has also appointed a new CFO (Satish Kalmaste) and Company Secretary (Pooja Jain), and reconstituted its board committees. This is a direct outcome of the insolvency resolution process, not a routine management change.
For shareholders, this signals that the company is operating under NCLT-supervised insolvency proceedings, with the promoter-led Talwalkar family exiting operational control. The new professional board could help in the resolution plan, but the stock remains a high-risk insolvency play until the CIRP outcome is known.