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"Our company Talwalkars Better Value Fitness, its associate group companies, subsidiaries, all these companies are regular in their payment of service tax and none of the employees, none of the directors independent or promoters have been arrested or anything else," he told CNBC-TV18. He says there is no crossholding whatsoever.
He further clarifies that neither Rohit Talwalkar nor his family has any stake in Talwalkars Better Value Fitness, group associate company or subsidiary nor do the promoters of this company have any stake in anything owned by them.
Below is the verbatim transcript of Anant Gawande's interview on CNBC-TV18
Q: We understand that the owner of the Talwalkar's Gym Rohit Talwalkar had been arrested for evading some service tax payment of Rs 3 crore. Is there any clarification that you could give us on what this case is and his profile in the listed company?
A: The six promoters of Talwalkars which also owns the brand Talwalkar are myself, Vinayak Gawande, Harsha Bhatkal, Madhukar Talwalkar who is the chairman of the company, Girish Talwalkar and Prashant Talwalkar who is the CEO and MD. So these are the six promoters of Talwalkars Better Value Fitness. As you can see none of these people are Rohit Talwalkar. Our company Talwalkars Better Value Fitness, its associate group companies, subsidiaries, all these companies are regular in their payment of service tax and none of the employees, none of the directors independent or promoter have either been arrested or any of that thing. Rohit Talwalkar is not a part of this group in any manner whatsoever.
Q: So he has absolutely no stake in the listed company?
A: Just to add further, neither does Rohit Talwalkar or his family have any stake in this company, group associate company or subsidiary nor do the promoters of this company have any stake in anything in this thing.
Q: So this Talwalkars Fitness Solution Pvt. Ltd. of which we understand Mr. Rohit Talwalkar is the director, there is no crossholding, no connection between the two namesake companies?
A: Zero percent. They do have gyms. These gyms are local gyms in certain areas of Mumbai and Gujarat. There had been some issues for which he has been arrested, but it had absolutely nothing to do with the company. We have given a clarification yesterday to BSE and NSE both, but I believe we will be giving a press clarification today or it may have already gone, but I thought I should also talk to you and the viewers that there is absolutely no basis on this. We are very regular in our tax payments, service tax, everything and nothing at all.
Talwalkars Fitn stock price
On January 17, 2014, Talwalkars Better value Fitness closed at Rs 142.75, down Rs 2.2, or 1.52 percent. The 52-week high of the share was Rs 197.50 and the 52-week low was Rs 110.00.
The company's trailing 12-month (TTM) EPS was at Rs 11.44 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 12.48. The latest book value of the company is Rs 77.25 per share. At current value, the price-to-book value of the company is 1.85.
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