- Rishabh Telang, founder of Cult.fit, has been accused of forging signatures by co-founder Deepak Poduval, who filed an FIR at Bengaluru's Bellandur Police Station, alleging forgery, cheating, and criminal conspiracy related to the 2016 transfer of assets to CultFit Healthcare.
- Poduval claims that his 50% stake was removed from records without compensation, using forged documents filed with the Registrar of Companies in 2019.
- In response, Telang has denied the allegations and stated that the company has not received any communication from authorities regarding the matter.
- Cult.fit is currently planning an IPO to raise up to ₹950 Cr through a fresh issue, with a total size expected to be around ₹4,000 Cr.
- In 2016, Cult Fitness transferred its assets and intellectual property to CultFit Healthcare, a subsidiary of Cult.fit.
- In 2019, documents with alleged forged signatures were filed to wind up Cult Fitness, which was later acknowledged by the Ministry of Corporate Affairs in 2020.
Rishabh Telang, founder of IPO-bound Cult.fit, faces serious allegations from former co-founder Deepak Poduval, who filed an FIR claiming forgery and criminal conspiracy. Poduval alleges that Telang forged his signature to remove his 50% stake in Cult Fitness without compensation.1234
Poduval discovered the alleged forgery while reviewing records on the Ministry of Corporate Affairs portal, stating that documents filed in 2019 contained forged signatures used to wind up Cult Fitness. He claims he received no payment from the transaction with Cultfit Healthcare, a subsidiary of Cult.fit, and that his entire shareholding was extinguished without compensation.1011
In response, Telang has denied the allegations, asserting that Poduval was fully involved in the transactions and the winding up of Cult Fitness. He cited an email from the Ministry of Corporate Affairs dated March 12, 2020, acknowledging the winding up, and claimed Poduval had received consideration for the transaction.56
Telang also questioned the timing of the FIR, suggesting it was filed with “mala fide” intentions, possibly linked to a property settlement lawsuit involving Poduval's wife, who is also Telang's sister. He stated, “I will also address the allegations made in the FIR in the appropriate legal forum as part of the ongoing court proceedings.”
Cult.fit emphasized that it has not received any communication from authorities regarding the matter and clarified that it is not implicated in the FIR. The company plans to raise up to ₹950 Cr through a fresh issue of shares as part of its IPO, with a total size expected to be around ₹4,000 Cr.
“Poduval alleges his 50% stake was extinguished without compensation, citing forged documents filed with the Registrar of Companies in 2019. Telang counters that Poduval was fully involved and points to an MCA email from March 2020 acknowledging the winding-up, while Cult.fit's IPO plans proceed with a ₹4,000 Cr target.”
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