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stays investigation against Rishabh Telang in case filed by Deepak Poduval
for Cult.fit Co-Founder in Corporate Feud
The on Monday stepped into the ongoing legal battle between the co-founders of Cult.fit, granting an against entrepreneur Rishabh Telang. Justice Anant Ramanath Hegde passed the order while hearing a petition filed by Telang seeking the lodged against him.
Allegations of and Business Diversion
The case stems from a complaint filed by Deepak Poduval, who is both Telang's brother-in-law and the co-founder of the original entity, . Poduval alleged that he and Telang incorporated the firm in with equal shareholding. According to the complaint, Telang later ousted him from management, incorporated a new entity——in , and diverted the business, customers, and goodwill of the original company to the new firm.
The core of the criminal allegations involves the striking off of in . Poduval claimed that his signatures were forged on financial statements and documents submitted to the to facilitate the closure. He stated that he only discovered these irregularities after scrutinizing company records in .
The FIR, registered by on , invokes serious provisions under the , including those relating to , , , and the , alongside .
Court Steps In, Stays Further Investigation
Appearing before the High Court, the petitioner sought the quashing of the FIR under , read with . After hearing the submissions advanced by the Senior Counsel for Telang, the court acceded to the request of the respondent's counsel to list the matter for further arguments on .
In a brief yet pivotal order, Justice Hegde observed:
"Since the matter is heard on merits,
till the next date of hearing."
Implications of the Interim Stay
The stay provides immediate to Rishabh Telang. The order legally restrains the from proceeding with any further investigation, including collecting evidence, recording statements, or filing a , until the court renders its decision on the .
The granting of such an interim stay indicates that the court found a case warranting protection of the petitioner from the ongoing investigation, recognizing the potential implications of the allegations involving and .
The Road Ahead
The case is now scheduled for further hearing on , 2026. On this date, the court is expected to hear the counsel for the and Deepak Poduval, who will have the opportunity to oppose the quashing of the FIR. The High Court's final ruling will determine whether the investigation is permanently quashed or whether it proceeds further.
