SEBI imposes ₹2.46 crore fine on two companies, seven individuals
₹2.46 crore on two companies and seven individuals, including promoters, for flouting regulatory norms. The regulator also barred Girish Talwalkar, Prashant Talwalkar, Madhukar Talwalkar, Vinayak Gawande, Anant Gawande, Harsha Bhatkal and Girish Nayak for varying periods.
The two companies are Talwalkars Better Value Fitness Ltd (TBVFL) and Talwalkars Healthclubs Ltd (THL). Girish Talwalkar, Prashant Talwalkar, Madhukar Talwalkar, Vinayak Gawande, Anant Gawande, Harsha Bhatkal are the promoters.
The penalties have been imposed for violations related to disclosure norms and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices), according to two separate orders. The regulator slapped a fine of ₹36 lakh each on Girish Talwalkar, Prashant Talwalkar, Anant Gawande and Harsha Bhatkal; ₹24 lakh each on TBVFL, Vinayak Gawande and Madhukar Talwalkar; ₹18 lakh on Girish Nayak and ₹12 lakh on THL.
In the case of TBVFL, the regulator imposed a securities market ban on Girish Talwalkar, Prashant Talwalkar, Madhukar Talwalkar, Vinayak Gawande, Anant Gawande, Harsha Bhatkal and Girish Nayak for 18 months and further restrained them from being associated with any listed company or any Sebi-registered intermediary for the same period. In addition, Sebi has also barred Girish Talwalkar, Prashant Talwalkar, Anant Gawande, Harsha Bhatkal and Girish Nayak from the market for a period of 18 months in the matter of THL and the debarment will commence after the expiration of the period of restraints imposed on the entities in the case of TBVFL.
The order came after Sebi received several complaints against THL and TBVFL during August-October 2019. The complaints indicated default in payment of interest on term loans despite a significant
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