Bengaluru-based fitness entrepreneur and Cult founder Rishabh Telang has been accused of allegedly forging the signatures of former co-founder Deepak Poduval on documents linked to the winding-up of Cult Fitness Private Limited, the original company behind the Cult brand.
The Bellandur Police in Bengaluru registered an FIR on August 6 following a complaint by Poduval, who co-founded Cult Fitness with Telang in 2015. The FIR names Telang and Cult Fitness Private Limited and includes allegations of forgery, cheating and criminal conspiracy. The allegations are yet to be adjudicated by a court.
According to Poduval's complaint, documents submitted to the Registrar of Companies during the process of striking off Cult Fitness carried signatures that he claims were forged and used without his authorisation. He has alleged that the company's closure resulted in his stake in the original company being extinguished without compensation.
The dispute relates to transactions carried out after Cult Fitness was founded. In 2016, CultFit Healthcare Private Limited, which is part of the broader Cult.fit business, acquired certain assets and intellectual property of Cult Fitness, including rights associated with the Cult brand, under contractual arrangements.
Telang has denied the allegations, calling the complaint mala fide. He has said Poduval was involved in the transactions with CultFit Healthcare as well as the subsequent winding-up of Cult Fitness. Telang has also claimed that he has correspondence supporting Poduval's involvement in the process.
Cult.fit has maintained that the allegations concern the earlier Cult Fitness entity and said that neither Cult.fit nor its subsidiary is an accused in the FIR. The company has also said the relevant transaction was completed under contractual arrangements and that consideration was duly paid and acknowledged.
The legal dispute comes at a significant time for Cult.fit, which is preparing for a public listing. The company has filed draft IPO papers with plans to raise up to ₹950 crore through a fresh issue, putting renewed attention on its corporate history and the dispute involving its original founders.
The FIR marks an escalation of a dispute dating back to the early years of the Cult business. However, the allegations against Telang remain allegations at this stage and will be subject to investigation and due legal process.
