Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs1.80 crore on Talwalkars Better Value Fitness Ltd (TBVFL) and the company s top executives, including two chairpersons, for misrepresenting the financial statements and failing to make true and adequate disclosures. In a separate order, SEBI also slapped a penalty of Rs66 lakh on Talwalkars HealthClubs Ltd (THL) and the company s four executive directors (EDs) and chief financial officer (CFO).