Cult founder and IPO-bound entrepreneur Rishabh Telang has been accused by former co-founder Deepak Poduval of allegedly forging his signatures on documents linked to the winding-up of Cult Fitness Private Limited, the original company behind the Cult brand.
An FIR was registered at Bengaluru’s Bellandur Police Station on August 6 following Poduval’s complaint. The complaint alleges forgery, cheating and criminal conspiracy in connection with documents filed during the closure of the company. The allegations have not yet been adjudicated by a court.
The dispute comes as Cult.fit prepares for a public listing, after the company filed its draft red herring prospectus (DRHP). The legal complaint has brought renewed attention to a dispute involving the fitness company’s original founders and an earlier corporate transaction.
What Is The Dispute Between Rishabh Telang And Deepak Poduval?
Poduval and Telang co-founded Cult Fitness in 2015. According to Poduval’s complaint, documents submitted to the Registrar of Companies during the process of winding up the company carried signatures that he claims were forged and used without his authorisation.
The dispute is linked to a 2016 transaction in which CultFit Healthcare Private acquired certain assets and intellectual property rights from Cult Fitness, including rights associated with the Cult brand. Poduval has alleged that the subsequent closure of Cult Fitness resulted in his 50% stake being extinguished without compensation.
Poduval has also disputed Cult.fit’s position that the consideration for the transaction was paid and acknowledged. The matter therefore involves both the alleged use of forged documents and a disagreement over the financial and corporate consequences of the 2016 transaction.
Cult.fit And Rishabh Telang Deny Allegations
Cult.fit has rejected the allegations and said that Cult.fit and its subsidiary, CultFit Healthcare Pvt Ltd, are not accused in the FIR. The company has maintained that the transaction involving Cult Fitness was completed through contractual arrangements and that the agreed consideration was paid and acknowledged.
Telang has also denied forging Poduval’s signatures. He has claimed that Poduval was involved in the transaction with CultFit Healthcare as well as the subsequent winding-up of Cult Fitness, and said he possesses correspondence supporting that claim.
Telang has further questioned the timing of the complaint, pointing to a separate property dispute involving Poduval and Telang’s sister. He has described the allegations as without merit and said he will address them through the appropriate legal process.
FAQs
- Who is Rishabh Telang?
Rishabh Telang is the founder of Cult.fit and one of the entrepreneurs behind the fitness company.
- Who is Deepak Poduval?
Deepak Poduval is the former co founder of Cult Fitness and has raised allegations against Rishabh Telang.
- What is Cult Fitness?
Cult Fitness was the original company founded by Rishabh Telang and Deepak Poduval in 2015 and was associated with the early Cult brand.
- What are the allegations against Rishabh Telang?
Poduval has alleged that his signatures were forged on documents related to the winding up of Cult Fitness.
- Why was an FIR filed against Rishabh Telang?
An FIR was registered after Poduval’s complaint, which alleges forgery, cheating and criminal conspiracy.
