Talwalkars Better Value Fitness Limited has informed the Exchange regarding Cessation of Mr Madhukar Vishnu Talwalkar as Whole Time Director of the company w.e.f. March 16, 2026.
Awaiting price reaction for this filing.
Talwalkars Better Value Fitness Limited has undergone a major board change following an NCLT (National Company Law Tribunal) order dated February 26, 2026, linked to an ongoing insolvency resolution process (C.P. (IB) No. 1056/MB/2020). Five directors and KMPs, including Managing Director Girish Madhukar Talwalkar, Whole-Time Directors Madhukar Vishnu Talwalkar and Vinayak Gawande, Independent Director Abhijeet Patil, and CFO Dinesh Srinivas Rao, have ceased w.e.f. March 16, 2026. In their place, a new board of five directors has been confirmed by the NCLT, including Mr. Arvind Bhanushali as Managing Director and two new Independent Directors. Additionally, Ms. Pooja Jain has been appointed as Company Secretary and Mr. Satish Kalmaste as the new CFO, both effective March 16, 2026.
This is a significant negative event indicating the company is under active insolvency proceedings, with the original promoter-led management (the Talwalkar family) being removed by court order. Shareholders should brace for ongoing uncertainty around the company's resolution plan, potential dilution or change in control, and heightened risk to equity value.