Now Reading: Cult.fit Co-Founder Telang Accused of Signature Forgery in FIR
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Cult.fit Co-Founder Telang Accused of Signature Forgery in FIR
Deepak Poduval, former co-founder of Cult Fitness Pvt Ltd, has filed an FIR against Rishabh Telang, alleging forgery, cheating and criminal conspiracy. The FIR, registered at Bellandur Police Station in Bengaluru on…
The Story in Brief
Deepak Poduval, former co-founder of Cult Fitness Pvt Ltd, has filed an FIR against Rishabh Telang, alleging forgery, cheating and criminal conspiracy. The FIR, registered at Bellandur Police Station in Bengaluru on August 6, claims Telang forged Poduval’s signatures on documents used to wind up Cult Fitness in 2019 without his approval. Poduval says he discovered the filings on the Ministry of Corporate Affairs portal and alleges his 50% ownership stake was extinguished without compensation.
Telang has denied the allegations, stating Poduval was involved in the transactions and received payment. Cult.fit, which acquired Cult Fitness's assets and IP in 2016, says neither it nor its subsidiaries are named in the FIR. The dispute involves Moneycontrol’s report. The FIR came weeks after IPO-bound Cult.fit filed its draft red herring prospectus for a Rs 950 crore fresh issue. No court verdict has been reached.
The Indian Opinion
This is a classic co-founder tangle resurfacing just as Cult.fit seeks public money. Both sides claim documentary proof, but only one can be right. Investors must watch whether the Registrar of Companies or police find Poduval's signatures forged before they bid in the IPO. The question is: will SEBI ask Cult.fit to disclose this FIR in its prospectus before the issue closes?
Sources (2): freepressjournal.in, inc42.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
