Deepak Poduval, cofounder of Cult Fitness Pvt Ltd, filed an FIR against his brother-in-law and cofounder Rishabh Telang at Bengaluru’s Bellandur Police Station, accusing him of forgery, cheating, and criminal conspiracy related to the 2016 transfer of assets and intellectual property to Cultfit Healthcare Pvt Ltd, a subsidiary of IPO-bound Cult.fit, according to inc42.com.
Poduval alleged that Telang forged his signature on documents used to wind up Cult Fitness without his authorization and claimed he did not receive payment from the transaction with Cultfit Healthcare. Telang denied these allegations, stating that Deepak was fully involved in the transactions and winding up process. Telang also said he holds multiple correspondences supporting his position and that the Ministry of Corporate Affairs acknowledged the winding up via an email dated March 12, 2020, per inc42.com.
Cult Fitness, founded in 2015 by Poduval and Telang, transferred certain assets and IP rights, including the ‘Cult – The Workout Station’ brand, to Cultfit Healthcare in 2016. The dispute arises as Cult.fit prepares for its IPO, highlighting internal conflicts within the company’s founding team. Cult.fit clarified that neither it nor its subsidiary is named in the FIR, underscoring the legal nature of the dispute between the cofounders, according to inc42.com.
The ongoing legal proceedings will address the matter, with Telang emphasizing the involvement of both parties in the transactions. The case centers on the 2016 asset transfer and the winding up of Cult Fitness Pvt Ltd, which remains a key point in the company’s corporate history as Cult.fit advances toward its public listing.