Cult founder Rishabh Telang has been accused by former co-founder and brother-in-law Deepak Poduval of allegedly forging his signatures on documents used to shut down Cult Fitness Private Limited, the original entity behind the Cult brand.
According to a report by Moneycontrol, the Bellandur Police in Bengaluru registered an FIR on August 6 naming Telang and Cult Fitness Private Limited as accused. The case includes allegations of forgery, cheating and criminal conspiracy, though the matter is yet to be decided by a court.
Telang and Poduval founded Cult Fitness in 2015, building the Bengaluru-based fitness company around group workout formats. In 2016, Cure.fit, founded by Mukesh Bansal and Ankit Nagori, acquired a majority stake in the company, after which Cult became part of Cure.fit’s fitness business.
Poduval Alleges Unauthorised Company Closure
According to Poduval’s complaint, documents submitted to the Registrar of Companies (RoC) in 2019 contained forged versions of his signatures and were used to strike off Cult Fitness without his approval.
According to the report, Poduval said he discovered the filings while reviewing company records available on the Ministry of Corporate Affairs (MCA) portal. He alleged that the company was later removed from records and his 50% ownership stake was extinguished without any compensation.
Poduval told Moneycontrol that the filings included documents related to the company’s strike-off process and carried signatures that he claimed were not his.
Cult.fit, however, said the FIR-related company was separate from its current operations. The company stated that neither Cult.fit Limited nor its subsidiaries, including CultFit Healthcare Private Limited, have been named as accused in the case.
The company said CultFit Healthcare had acquired certain assets and intellectual property rights, including the “Cult - The Workout Station” brand name, from Poduval and Cult Fitness in 2016 through contractual agreements.
Telang And Cult.fit Deny Allegations
Cult.fit maintained that the transaction was completed properly and that payments were made as per the agreement. The company said the acquisition process was concluded after fulfilling all contractual requirements.
Telang has also rejected the allegations, stating that Poduval was involved in discussions with CultFit Healthcare and the subsequent winding-up process of Cult Fitness.
Telang said he has correspondence showing Poduval’s involvement in the transactions and referred to an MCA communication dated March 12, 2020, regarding the company’s closure, which was shared with both founders.
He further claimed that Poduval received payment as part of the agreement, a statement that Poduval has disputed.
Telang said the allegations were baseless and that the facts would emerge through legal proceedings. He also questioned the timing of the FIR, linking it to a separate property dispute filed against Poduval by Telang’s sister, who is Poduval’s wife, in July 2026.
The dispute marks another instance of allegations involving startup founders emerging around the time of a potential public listing. A similar controversy recently involved Rentomojo co-founder Ajay Nain, who raised concerns related to company filings and stake transfers.
The allegations against Telang and Cult Fitness are currently under investigation, and no findings have been established against the accused.
