Talwalkars Fitness Announces Major Management Changes Under Liquidation

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Talwalkars Fitness Announces Major Management Changes Under Liquidation

Team Finance Saathi

24/Jan/2025

What's covered under the Article:

New management appointments at Talwalkars following liquidation under the Insolvency and Bankruptcy Code.
Details of directors and KMP appointed to the board, including profiles of key individuals.
Regulatory disclosures and SEBI compliance updates for Talwalkars' restructuring process.

Talwalkars Better Value Fitness Limited, a prominent fitness chain, has undergone significant management restructuring following liquidation proceedings under the Insolvency and Bankruptcy Code (IBC). As per the Liquidation Order dated 28th April 2022, the company's control has been handed over to the successful bidder/acquirer. This move has led to changes in the company's board of directors, in line with the IBC's provisions.

As part of the ongoing restructuring efforts, Arvind Bhanushali has been appointed as the Managing Director for a term of five years, starting December 19, 2024, subject to shareholder approval. His extensive experience in digital marketing and movie marketing will bring valuable insights to the company. Furthermore, Kurjibhai Rupareliya, with over 43 years of experience, has been appointed as an Additional Executive Director. His strategic vision will help align business operations with stakeholder interests. Alongside him, Shilpa Singh, an expert in media and marketing, has been named as the Additional Non-executive Director.

This change in the board aligns with SEBI's regulations and ensures that Talwalkars Better Value Fitness continues its operations smoothly as it emerges from liquidation. These appointments are expected to pave the way for a renewed corporate governance framework that will focus on long-term sustainability.

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Talwalkars Fitness Announces Major Management Changes Under Liquidation

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