Deepak Poduval has asked the Madras High Court to cancel Cult.fit's CULT trademark registration. Poduval co-founded the original CULT fitness business in Bengaluru in 2015. The challenge arrives as Cult.fit prepares for an IPO expected to total around ₹40 billion.
Legal filings
The Madras High Court issued a notice on October 12 and adjourned the matter to December 2. Cultfit Healthcare can file its response by then. Poduval also asked a Bengaluru commercial court to declare the 2017 assignment deeds void, with a hearing on November 16.
Trademark origins
Poduval applied for the CULT trademark in August 2015. A Cultfit Healthcare application followed in November 2016 and used the same May 1, 2015, first-use date. He alleges his signatures on the 2017 deeds were forged, while Cult.fit denies the claim.
Brand and disclosure
Cult.fit uses the CULT name across hundreds of fitness centers, Cult Neo gyms, and Cultgear products. The company told SEBI that its draft prospectus did not correctly describe trademark ownership. It plans to correct the final prospectus.
Cult.fit has filed draft IPO papers for a proposed public listing. The company plans a fresh share issue of up to ₹9.50 billion. Existing investors may sell up to 178.6 million shares through an offer for sale.