Talwalkars Better Value Fitness Limited has informed the Exchange regarding Cessation of Mr Girish Madhukar Talwalkar as Managing Director of the company w.e.f. March 16, 2026.
Awaiting price reaction for this filing.
Talwalkars Better Value Fitness Limited is undergoing a major board overhaul driven by an NCLT, Mumbai order dated February 26, 2026, linked to the company's Corporate Insolvency Resolution Process (CIRP). Five directors and the CFO were deemed to have ceased office from March 16, 2026, including Managing Director Girish Madhukar Talwalkar, Whole-Time Directors Vinayak Gawande and Madhukar Talwalkar, Independent Director Abhijeet Patil, and CFO Dinesh Srinivas Rao. In their place, the NCLT confirmed five new directors including new Managing Director Arvind Pradhan Bhanushali (5-year term) and new Independent Directors Priyanshu Sheth and Jignesh Lasaniawala. The company also appointed Satish Kalmaste as the new CFO and Pooja Jain as Company Secretary and Compliance Officer, and reconstituted its board committees.
This is a significant governance event rooted in the company's insolvency proceedings, meaning the promoter-led management has been replaced by an NCLT-directed board. For shareholders, this signals ongoing financial distress and restructuring, with future business direction now steered by the resolution process rather than the original Talwalkar family leadership.