Talwalkars Better Value Fitness Limited has informed the Exchange regarding Cessation of Mr Vinayak Ratnakar Gawande as Whole Time Director of the company w.e.f. March 16, 2026.
Awaiting price reaction for this filing.
Following a February 26, 2026 NCLT order in the company's insolvency case (C.P. (IB) No. 1056/MB/2020), Talwalkars has undergone a complete board overhaul effective March 16, 2026. Five directors and KMPs – Managing Director Girish Talwalkar, Whole-Time Directors Madhukar Talwalkar and Vinayak Gawande, Independent Director Abhijeet Patil, and CFO Dinesh Srinivas Rao – have had their offices deemed ceased (they were previously suspended). In their place, 5 new directors have been appointed, including a new Managing Director (Arvind Bhanushali) and a new Executive Director (Kurjibhai Rupareliya), along with new Independent and Non-Executive Directors. Additionally, Mr. Satish Kalmaste has been appointed as the new CFO, and Ms. Pooja Jain as the new Company Secretary. The new directors bring experience in finance, taxation, media marketing, and business development.
This is a significant governance reset triggered by the company's ongoing insolvency proceedings, with the original Talwalkar promoter-family leadership (including the MD) being replaced. For shareholders, this signals a critical turning point in the insolvency resolution process and may affect the company's restructuring and revival prospects; expect continued volatility and uncertainty until the CIRP outcome is clearer.