Talwalkars Better Value Fitness Limited has informed the Exchange regarding Appointment of Mr Jignesh R. Lasaniawala as Non- Executive Independent Director of the company w.e.f. March 16, 2026.
Awaiting price reaction for this filing.
Following an NCLT Mumbai order dated February 26, 2026 (in C.P. (IB) No. 1056/MB/2020), Talwalkars has completed a full board restructuring effective March 16, 2026. Five new directors have been confirmed, including Arvind Pradhan Bhanushali as Managing Director, Kurjibhai Rupareliya as Executive Director, Shilpa Singh as Non-Executive Director, and Priyanshu Sheth and Jignesh Lasaniawala as Independent Directors for 5-year terms. Simultaneously, the previous leadership has been deemed to have ceased office, including promoter-Managing Director Girish Madhukar Talwalkar, Whole-Time Directors Madhukar Vishnu Talwalkar and Vinayak Gawande, Independent Director Abhijeet Patil, and CFO Dinesh Srinivas Rao. New Company Secretary Pooja Jain and new CFO Satish Kalmaste have also been appointed, and all board committees have been reconstituted.
This is a sweeping governance reset driven by the insolvency tribunal, removing the founding Talwalkar family from the board and replacing them with a new management team. Shareholders should expect significant strategic and operational changes as the newly constituted board takes charge, with both near-term uncertainty and the potential for a fresh business direction.