Talwalkars Better Value Fitness Limited has informed the Exchange regarding Appointment of Mr Mr. Satish Kalmaste as Chief Financial Officer of the company w.e.f. March 16, 2026.
Awaiting price reaction for this filing.
Following an NCLT Mumbai order dated February 26, 2026 (linked to an ongoing insolvency resolution process under the IBC), the company's board has been completely overhauled. Five new directors have been confirmed, including Arvind Pradhan Bhanushali as Managing Director, while five existing directors and KMPs have been deemed to have ceased office with effect from March 16, 2026. Among those removed are promoter-family members Madhukar Talwalkar and Girish Talwalkar (Managing Director), along with Whole-Time Directors, an Independent Director, and the CFO Dinesh Srinivas Rao. In their place, Mr. Satish Kalmaste has been appointed as the new CFO and Ms. Pooja Jain as Company Secretary and Compliance Officer. Board committees have also been reconstituted.
This is a major governance event driven by the company's insolvency proceedings — the original promoter-led management, including the Talwalkar founders, has been replaced under court orders. Shareholders should expect significant uncertainty as the company is undergoing corporate insolvency resolution, and any revival or liquidation outcome will determine shareholder value going forward.