Forward of its Rs 950-crore preliminary public providing (IPO), health unicorn Cult.match has run into authorized bother.
On August 6, police registered an FIR towards Cult co-founder Rishabh Telang at Bengaluru’s Bellandur Police Station. It was filed by Deepak Poduval, who co-founded Cult Health with Telang in 2015. Poduval can be Telang’s brother-in-law.
The criticism accuses Telang of forgery, dishonest and felony conspiracy. In accordance with the criticism, paperwork filed with the Registrar of Corporations to close down Cult Health Non-public Restricted carried signatures that Poduval says had been cast. He claims the paperwork had been used with out his information or consent. Poduval alleges that the closure worn out his stake within the authentic firm, and that he obtained no compensation for it.
The dispute dates again to 2016. That 12 months, CultFit Healthcare Non-public Restricted, a subsidiary of what’s now Cult.match, acquired sure belongings and mental property from Cult Health. This included the “Cult – The Exercise Station” model identify.
The FIR has surfaced at a delicate time for Cult.match. The corporate filed its draft papers for an IPO solely weeks in the past.
Cult.match Denies Expenses
In an announcement shared with NDTV, Cult.match clarified that it has not obtained any communication from authorities relating to the case, and that it realized of the matter solely by way of media queries.
The assertion provides that neither Cult.match Restricted nor its subsidiaries, together with CultFit Healthcare Non-public Restricted, is known as as an accused within the FIR. It mentioned Cult Health Non-public Restricted, the entity named within the criticism, was Poduval’s personal firm. Cult.match mentioned it by no means held any possession or administration management over it.
On the 2016 deal, the corporate mentioned its subsidiary purchased the belongings and model rights “below applicable contractual preparations and for consideration which was duly paid and in addition acknowledged by the complainant.” So far as Cult.match is worried, that transaction is closed.
‘Timing Of FIR Seems Mala Fide’
Rishabh Telang has additionally issued an in depth assertion, shared solely with NDTV, denying the allegations. “I categorically deny having cast his signatures on the paperwork as alleged within the FIR,” Telang mentioned. He mentioned Poduval knew precisely what was occurring at each stage. “Deepak was absolutely concerned within the transactions with Cultfit Healthcare Pvt. Ltd. in addition to the winding up of Cult Health Pvt. Ltd., of which I possess a number of correspondence,” he mentioned.
Telang backed this up with a particular date. He mentioned the Ministry of Company Affairs despatched an e mail on March 12, 2020, acknowledging that Cult Health had been wound up. That e mail, he mentioned, went to each him and Poduval. “The acceptance of the winding up of the corporate was acknowledged by the MCA by way of e mail on twelfth March 2020, which was shared with each Deepak and me, as soon as once more underlining his involvement within the course of on the time,” Telang mentioned.
He additionally disputed the declare that Poduval was by no means paid. “Deepak was constantly concerned within the dealings with Cultfit Healthcare Pvt. Ltd., and he has obtained fee from the corporate as a part of the settlement,” Telang mentioned.
Then he turned the highlight on the timing of the FIR itself. Telang mentioned there’s a separate property dispute operating in parallel, filed by his personal sister (Poduval’s spouse), on July 1, 2026. He believes that case is linked to why the FIR landed when it did. “The timing of the FIR seems mala fide given {that a} authorized case for settlement of property towards Deepak Poduval was made by my sister on 1st July 2026. This ongoing case seems to have triggered the present motion, on condition that Deepak was concerned within the filings and winding down proceedings of Cult Health Pvt. Ltd., as indicated by receipt of documentation from authorities in 2020,” Telang mentioned.
Telang mentioned the combat would now play out in courtroom, not within the press. “I may also tackle the allegations made within the FIR within the applicable authorized discussion board as a part of the continued courtroom proceedings. The allegations are totally with out advantage, and I stay assured that the information will emerge by way of due course of,” he mentioned.
He closed with a warning of his personal. “Given the intense and defamatory nature of those allegations, I’m additionally evaluating all authorized cures obtainable to guard my popularity,” Telang mentioned.
