Talwalkars Better Value Fitness Limited reported a net loss of ₹546.46 lacs for the quarter ended March 31, 2020, in its audited standalone financial results. The company recorded zero revenue from operations for the quarter, while total expenses stood at ₹865.70 lacs, driven primarily by depreciation and amortisation expenses of ₹865.70 lacs. For the financial year ended March 31, 2020, the net loss widened to ₹3,997.46 lacs on total revenue of ₹947.34 lacs.

The independent auditor, S K Bhavsar & Co, issued a disclaimer of conclusion on the financial results. The auditor stated that the current management, which acquired the company via a Sale Certificate dated January 23, 2025, did not have access to complete books of accounts, original vouchers, or underlying IT servers for the historical period under review. Consequently, the financial results were reconstructed on a best-effort basis. The auditor was unable to conduct physical verification of fixed assets and inventories, ascertain potential impairment under Ind AS 36, or independently verify historical balances of trade receivables, cash and bank balances, loans, and statutory dues.

The company disclosed that it was under the control of the erstwhile defaulting management, the Resolution Professional, and subsequently the Liquidator during the period under review. Operational activities were suspended during this time. The audit report highlighted that the framework for Internal Financial Controls and routine SEBI LODR compliances were not fully operational during the transitional phase, preventing the determination of the cumulative impact of these scope limitations on the financial statements.

Financial Results for Q4FY20

The company's Corporate Insolvency Resolution Process (CIRP) was initiated on January 11, 2021, by the Hon'ble NCLT, Mumbai Bench, following an application by Axis Bank Limited. As no resolution plan was received, the company entered liquidation proceedings on April 28, 2022. The company was subsequently sold as a going concern via e-auction on August 16, 2024, with the Sale Certificate issued on January 23, 2025, and ownership transferred on November 7, 2024.

An Emphasis of Matter paragraph in the auditor's report referred to the NCLT Order dated February 26, 2026. Pursuant to this order, all pre-transfer dues and liabilities have been permanently extinguished, and the existing equity share capital stands cancelled. Consequently, the company has adopted Fresh Start Accounting effective from the Transfer Date of November 7, 2024. The reconstituted Board of Directors approved these financial results on May 30, 2026.

Talwalkars Better Value Fitness Limited announced comprehensive corporate governance changes following its Board of Directors meeting held on April 14, 2026. The board meeting, which commenced at 02:00 P.M. and concluded at 03:15 P.M., addressed key operational and compliance matters including office relocation, auditor appointments, and personnel changes.

Registered Office Relocation

The board approved the immediate shifting of the company's registered office effective April 14, 2026. The relocation details are outlined below:

Statutory Auditor Appointment

Based on the Audit Committee's recommendation, the board appointed M/s. S K Bhavsar & Co., Chartered Accountants as Statutory Auditors for the financial year 2026-27, subject to member approval at the ensuing General Meeting. The firm has been additionally authorized to audit and sign financial statements for all previous financial years that remained pending during NCLT proceedings, with authorization extending up to February 26, 2026.

Secretarial and Internal Auditor Appointments

The board made two additional key auditor appointments to strengthen the company's compliance framework.

Secretarial Auditor

M/s Pooja M Patel & Associates, Practicing Company Secretary was appointed as Secretarial Auditor for a five-year term from April 1, 2026, to March 31, 2031, in accordance with Regulation 24 of SEBI Listing Regulations.

Internal Auditor

M/s. Kishan Patel & Associates, Chartered Accountants (FRN: 151318) was appointed as Internal Auditor for Financial Year 2026-27, ensuring compliance with Section 138 of the Companies Act, 2013.

Company Secretary Transition

The board noted the resignation of Ms. Pooja Jain as Company Secretary and Compliance Officer effective April 10, 2026. Subsequently, based on the Nomination and Remuneration Committee's recommendation, Mr. Kamlesh Laxmanbhai Bachani (ACS: 79045) was appointed as the new Company Secretary and Compliance Officer effective April 14, 2026.

All appointments are subject to member approval at the company's upcoming General Meeting, with decisions made in compliance with applicable SEBI regulations and the Companies Act, 2013. The company has submitted detailed annexures to stock exchanges providing comprehensive information about each appointment as required under Regulation 30 of SEBI Listing Regulations.