Talwalkars Better Value Fitness Limited has informed the Exchange regarding Outcome of Board Meeting held on March 16, 2026.
Awaiting price reaction for this filing.
Talwalkars Better Value Fitness Limited announced sweeping changes to its board following an NCLT Mumbai order dated February 26, 2026, in connection with insolvency proceedings (C.P. (IB) No. 1056/MB/2020). Five new directors were confirmed, including Arvind Pradhan Bhanushali as Managing Director, Kurjibhai Premjibhai Rupareliya as Executive Director, Shilpa Singh as Non-Executive Director, and Priyanshu Sheth and Jignesh R. Lasaniawala as Independent Directors. Five existing directors/KMPs, including the promoter-linked Madhukar Vishnu Talwalkar, Girish Madhukar Talwalkar, and CFO Dinesh Srinivas Rao, had their offices deemed ceased from March 16, 2026. The company also appointed Ms. Pooja Jain as Company Secretary and Compliance Officer, and Mr. Satish Kalmaste as the new Chief Financial Officer, and re-constituted board committees.
This represents a complete change in leadership for Talwalkars, with the original promoter family (Talwalkars) exiting the board under an NCLT-driven resolution process. Shareholders should expect a new strategic direction under the reconstituted board, but the underlying insolvency proceedings signal significant financial distress and uncertainty for the stock.