Now Reading: Cult.fit cofounder Telang moves Karnataka High Court to quash FIR
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Cult.fit cofounder Telang moves Karnataka High Court to quash FIR
Cult Fitness Pvt Ltd cofounder Rishabh Telang has approached the Karnataka High Court seeking to quash the FIR filed against him by his brother-in-law and cofounder Deepak Poduval. The court did not…
Cult Fitness Pvt Ltd cofounder Rishabh Telang has approached the Karnataka High Court seeking to quash the FIR filed against him by his brother-in-law and cofounder Deepak Poduval. The court did not stay the investigation but noted that Telang had been issued a notice under Section 35 of the Bharatiya Nagarik Suraksha Sanhita and would not face immediate arrest. The matter is next listed for hearing on September 2.
Poduval had filed the FIR at Bengaluru's Bellandur Police Station in August, accusing Telang of forgery, cheating and criminal conspiracy over the 2016 transfer of assets and intellectual property from Cult Fitness to Cultfit Healthcare Pvt Ltd, part of IPO-bound Cult.fit. Poduval alleged that his signature was forged on documents used to wind up the company and that his 50% shareholding was extinguished without any payment. Telang has denied the allegations, saying Poduval was fully involved in the transactions.
Indian Opinion Analysis
The dispute pits two cofounders and brothers-in-law against each other over events from 2016, just as Cult.fit prepares for a public listing. Under the Companies Act, 2013, a company can be struck off the register by the Registrar of Companies for failing to file returns, but a member who was not party to the process can later challenge the validity of the strike-off. The key question for the high court will be whether the documents Poduval says were forged bear his genuine signature, which typically requires a forensic comparison. If Telang's quash petition fails, the police investigation will proceed and the allegations must be disclosed in Cult.fit's IPO prospectus as a contingent liability. The next hearing on September 2 will indicate whether the court grants interim relief to Telang.
Source: inc42.com
This brief was synthesised by AI from the source linked above.
