Talwalkars Better Value Fitness Limited has informed the Exchange regarding Cessation of Mr Abhijeet Rajaram Patil as Non- Executive Independent Director of the company w.e.f. March 16, 2026.
Awaiting price reaction for this filing.
Talwalkars Better Value Fitness Limited has undergone a complete board restructuring following an NCLT order dated February 26, 2026, under its ongoing Corporate Insolvency Resolution Process (C.P. (IB) No. 1056/MB/2020). The tribunal confirmed 5 new directors effective March 16, 2026, including a new Managing Director (Arvind Pradhan Bhanushali), Executive Director (Kurjibhai Rupareliya), Non-Executive Director (Shilpa Singh), and 2 Independent Directors (Priyanshu Sheth and Jignesh Lasaniawala). At the same time, 5 directors and KMPs had deemed cessation of office, including Managing Director Girish Madhukar Talwalkar, Whole-Time Directors Madhukar Vishnu Talwalkar and Vinayak Gawande, Independent Director Abhijeet Rajaram Patil, and CFO Dinesh Srinivas Rao. The board also appointed Ms. Pooja Jain as Company Secretary and Mr. Satish Kalmaste as the new CFO, and reconstituted all board committees. The change effectively ends the Talwalkar promoter family's executive role in the company.
This is a full change of management and board driven by the insolvency tribunal, removing the founding promoter family from executive control. For shareholders, this is a pivotal event in the CIRP process that will shape any revival, liquidation, or resolution plan, and is likely to keep the stock highly volatile and sensitive to further NCLT/NCLAT developments.