Cult.fit founder Rishabh Telang accused of forging co-founder’s signatures: report

Deepak Poduval, co-founder of Cult Fitness Pvt Ltd, has filed an FIR against his former co-founder and brother-in-law Rishabh Telang, alleging forgery, cheating and criminal conspiracy in connection with a 2016 transaction involving the company’s assets and intellectual property.Rishabh Telang has been accused of forging his cofounder’s signatures.The FIR was regered at Bengaluru’s Bellandur Police Station on August 6. Poduval has alleged that Telang forged his signatures on documents used to wind up Cult Fitness, the original company behind the Cult brand, according to a Moneycontrol report.The dispute comes weeks after IPO-bound Cult.fit filed its draft red herring prospectus (DRHP), bringing a long-running dispute between its original co-founders into public focus.Telang has denied the allegations. Cult.fit has also said that neither it nor its subsidiary, CultFit Healthcare Pvt Ltd, is an accused in the FIR.What is the dispute about?Poduval and Telang founded Cult Fitness in 2015. The Bengaluru-based company operated fitness centres under the Cult brand, which later became part of the larger Cult.fit business.In 2016, CultFit Healthcare acquired certain assets and intellectual property rights from Cult Fitness, including the ‘Cult – The Workout Station’ brand name.Poduval has now alleged that documents subsequently filed with the Regrar of Companies in connection with the winding-up of Cult Fitness contained forged versions of his signature.According to Poduval, he discovered the filings this year while examining Cult Fitness’ records on the Minry of Corporate Affairs (MCA) portal.“The company was struck off later that year, and my entire 50% shareholding was extinguished without a rupee of consideration,” Poduval told Moneycontrol.Poduval has also alleged that he did not receive payment arising from the 2016 transaction with CultFit Healthcare.Cult.fit says transaction was completedCult.fit said it had not received any communication from the authorities regarding the FIR and became aware of the matter through media queries.The company also stressed that Cult.fit Limited and its subsidiaries, including CultFit Healthcare Pvt Ltd, have not been named as accused in the case.“The accused entity, Cult Fitness Private Limited, was a separate independent company of the complainant himself and we did not have any ownership or management control,” the company said.Cult.fit said CultFit Healthcare acquired certain assets and intellectual property rights from Poduval and Cult Fitness in 2016 through contractual arrangements.It said the transaction was completed after the agreed consideration was paid and acknowledged Poduval.“With this, this acquisition stood consummated and closed,” it said.Telang denies forging signaturesTelang has rejected Poduval’s allegations and denied forging his co-founder’s signatures.He said Poduval was involved in both the transaction with CultFit Healthcare and the subsequent winding-up of Cult Fitness.“Deepak was fully involved in the transactions with Cultfit Healthcare Pvt. Ltd. as well as the winding up of Cult Fitness Pvt. Ltd., of which I possess multiple correspondence,” Telang said in a statement.Telang also referred to an email from the MCA dated March 12, 2020, which acknowledged the winding-up of Cult Fitness. He said the communication had been shared with both him and Poduval.He further claimed that Poduval had received payment from CultFit Healthcare under the agreement. Poduval has denied receiving such payment.“The allegations are entirely without merit, and I remain confident that the facts will emerge through due process,” he said.Telang also questioned the timing of the FIR. He pointed to a property settlement case filed against Poduval his ser, who is Poduval’s wife, on July 1, 2026.He alleged that the property dispute may have prompted the current action.”I will also address the allegations made in the FIR in the appropriate legal forum as part of the ongoing court proceedings. The allegations are entirely without merit, and I remain confident that the facts will emerge through due process.Given the serious and defamatory nature of these allegations, I am also evaluating all legal remedies available to protect my reputation,” Telang said in his statement.