blog/article-blog/Planify serves legal notice against Moneycontrol for misrepresenting the facts against ROC order

Apr 8, 2024

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Planify serves legal notice against Moneycontrol for misrepresenting the facts against ROC order

Legal Notice to Moneycontrol

Planify serves legal notice against Moneycontrol for misrepresenting the facts against ROC order.

It has come to our attention that Moneycontrol, a popular digital news website has published an article on Planify, titled ‘Not going to Plan: Gurugram crowdfunding fintech faces charges of lining its own pocket’ grossly misrepresenting facts. Hereby, Planify, through the medium of this article wishes to clear the air on the recent order issued by the Registrar of Companies.

Misrepresentation - Moneycontrol mentioned Planify as a company involved in crowdfunding activities. Let’s start understanding what is crowdfunding. Crowdfunding is a non-bank financing option in which startups accept small donations, i.e. Rs. 25,000 from many people to receive a much-needed cash boost to get their ventures off the ground.

Clarification - Planify would like to clarify to all our investors & the general public that Planify is not involved in any 'crowdfunding' activities and the sole and most important fact behind the same is our ticket size starts from Rs. 2,00,000. We vehemently deny any involvement in such activities and emphasize our commitment to operating within regulatory compliance and ethical business practices.

Secondly, there is no indication in the RoC order suggesting that Planify conducts any form of crowdfunding operations. The RoC's order has been inaccurately sensationalized to exaggerate the situation.

Misrepresentation - Moneycontrol’s Senior Correspondent Naina Sood, has used the screenshots from Planify’s website to give a different angle to the whole picture and has added misconceived information. Ms. Sood has mentioned and referred to all the companies Planify has worked for in the past and working at present as well as some of their KMPs. All these companies and their personnel have nothing to do with the RoC order sought to be reported in the purported news article.

Clarification - The planify platform offers investors a host of features under a single roof. These include the following:

Private Shares Discovery: Investors used to find it extremely difficult to search for Private shares of companies. It won’t be an overstatement to say that this industry was completely unorganized. Planify facilitates the discovery of these private companies.

Shares Prices Discovery: Another area where Planify has played a critical role in assisting accredited investors is through facilitating private companies’ share price discovery. Investors earlier lacked transparency on the prices of private shares of different companies.

Financials and Research Report Discovery: One of the key areas where Planify has empowered accredited investors is providing comprehensive information about the financials of companies and their industries right at the fingertips of investors through Research Reports compiled by a dedicated team of Financial Analysts.

Planify genuinely hopes that this information will be sufficient to enlighten Moneycontrol about our business model & urge them to kindly take down the article in which they have grossly misrepresented facts without doing thorough due diligence, as it has greatly damaged the reputation of Planify as a trusted platform in the Private Equity space.