In this Business Standard article Praveen Chakravarty and TV Mohandas Pai argue that "the notion that there is one right valuation for a company is absurd. To pretend that the government is the best judge of this valuation and to use that as the basis for persecution is tyrannical."

While the government has the right to investigate investors' source of funds, taxes paid on gains on investments, the bureaucratic legitimacy of the companies they invest in, and so on, "preaching techniques of valuing new companies to established VC investors and using it as an alibi for raids, causing reputational and operational damage to these investors, is entirely unwarranted". Creating panic in the Venture Capital industry, which has been a tremendous driver of growth over the past decade, can do considerable harm.