TALWALKARS BETTER VALUE FITNESS LIMITED has informed the Exchange about Resignation of Independent director.
Awaiting price reaction for this filing.
The NCLT Mumbai has approved the reconstitution of Talwalkars' board following its acquisition as a going concern in liquidation for Rs. 15 crore by Mr. Ravikumar Gaurishankar Patel. All existing directors and officers are deemed to have resigned upon the order. A new board has been put in place: Arvind Bhanushali as Managing Director, Kurjibhai Premjibhai Rupareliya as Executive Director, Shilpa Singh as Non-executive Director, and Priyanshu Seth and Jignesh R Lasaniawala as Independent Directors. Nikunj K. Dasani is the new CFO and Meenu Balani the CS/Compliance Officer. The company is also undergoing capital restructuring, with existing shares to be cancelled and 95 lakh new shares (Rs. 9.5 crore) to be issued to the new promoter plus 5 lakh shares (Rs. 50 lakh) to strategic/public investors. The acquirer has been granted immunity from past liabilities under Section 32A of the Insolvency and Bankruptcy Code.
This represents a complete change of control and board overhaul for retail investors. Existing equity shareholders will have their shares cancelled without any payout under the approved capital reduction. The stock may resume trading once relisting formalities with BSE and NSE are completed. Shareholders should note that the NCLT declined several broader relief requests (like stamp duty waiver and unconditional SEBI exemptions), meaning the revival will still require regulatory compliance.