The company says that the reports rely on an MGT-14 filing with the Ministry of Corporate Affairs (MCA), a standard regulatory form that allows them to offer shares to potential investors
After reports stating that Burger Singh, a brand in the quick service restaurant (QSR) category, has raised Rs 47 crore in a fresh funding round, the company has clarified that such reports are not factually correct.
In a statement, Burger Singh noted that the article published in the media relies on an MGT-14 filing with the Ministry of Corporate Affairs (MCA), a standard regulatory form that allows them to offer shares to potential investors. It is the corporate equivalent of listing one’s house on an online platform, which simply means that they are open for business, the company highlighted.
“If listing a share offer means we have raised the money, then by that logic, every bachelor on Shaadi dot com is already married. And I suppose I am also the Maharaja of Jaipur just because I looked at a palace on Google Maps last week,” stated Kabir Jeet Singh, Founder and Chief Executive Officer (CEO), Burger Singh.
On a legal front, the company added that an MGT-14 is a pre-offer document, not a receipt. It is an invitation and the investors still have to say yes, transfer the funds, and sign on the dotted line. “None of that has happened yet. So any report implying otherwise is premature and frankly, misleading,” it noted.
