Talwalkars Better Value Fitness Limited has informed the Exchange regarding Appointment of Mr Arvind Pradhan Bhanushali as Managing Director of the company w.e.f. March 16, 2026.
Awaiting price reaction for this filing.
Talwalkars Better Value Fitness has undergone a sweeping board overhaul driven by an NCLT Mumbai order dated February 26, 2026, linked to its ongoing insolvency resolution process (C.P. (IB) No. 1056/MB/2020). Five new directors have been confirmed by the tribunal, including Mr. Arvind Pradhan Bhanushali as the new Managing Director (5-year term), Mr. Kurjibhai Rupareliya as Executive Director, and three others including two Independent Directors. At the same time, the suspended old leadership has formally ceased office – this includes the outgoing Managing Director Mr. Girish Talwalkar, Whole-Time Directors Mr. Madhukar Talwalkar (promoter family) and Mr. Vinayak Gawande, an Independent Director and the CFO Mr. Dinesh Rao. The board has also appointed a new CFO (Mr. Satish Kalmaste) and a new Company Secretary & Compliance Officer (Ms. Pooja Jain), and reconstituted its committees. The promoter-linked Talwalkar family members have been completely removed from the board, marking a new era of management under tribunal oversight.
This is a landmark governance reset for shareholders: the founding Talwalkar family is out, a tribunal-appointed MD (from a media/marketing background, not fitness) is in, and the company is firmly under NCLT-driven restructuring. While this brings stability and compliance clarity, it also signals that Talwalkars remains under insolvency resolution – investors should track the resolution plan and any revival or liquidation outcome closely.