CEO of speakasia adressing all its fellow speakasians,on 31st july,2011
SpeakAsia Update 29/7/11
Dear Speak Asians,
We face the biggest challenge of our times today.!!
Despite our best efforts to engage with and offer all possible cooperation with all the authorities concerned including the Reserve Bank of India, EOW of both Mumbai and Delhi and all concerned ministries we continue to be targeted as defaulters.
Our COO Tarak Bajpai along with number of vendors who support us in India have been taken into custody by the EoW Mumbai at Indore and other places across the country.They are all being flown to Mumbai today morning to be charged with certain fictitious claims.
At this darkest hour of our company we appeal to all our fellow SpeakAsians to come together and unite in this hour of crisis.
However we know and realize that in this great country injustice and keeping quiet is now changing. As we saw unfold only yesterday the LokPal bill has become a reality; so may the best man win and this be a fight we are in together and will now a fight to the finish. We request all of you to please standby for further communication from us as to how to proceed further.
We are confident that we will succeed in our endeavours and build a great company that we will all be proud of so Speak Asians, let us show the world, that When the going gets tough the tough get going.
Team SpeakAsia.
Facts about Permanent Establishment(PE) of Speak Asia in India
As every Speak Asian is aware that our Company is going to be registered in India as Company having 75% FDI (Foreign Direct Investment) and working for its Permanent Establishment (PE) in India, following are some legal facts because of which is taking some time for this process to get over:
Excerpts from Section 591 in The Companies Act, 1956 591. Application of sections 592 to 602 to foreign companies.
(1) 1[ ] Sections 592 to 602, both inclusive, shall apply to all foreign companies.
Part XI of the Companies Act, 1956 containing Section 591 to 608 deals with the Companies incorporated outside India i.e. a "Foreign Company.
It says that a Company incorporated outside India and having an established place of business in India in which 50% or more paid up share capital is held by Indians then provisions of those sections shall apply to such Companies also.
Though under the Companies Act, 1956, no formalities are required to be carried out for a Foreign Company establishing place of business in India except the filing of the documents provided for in Part XI; under the provisions of Section 29 of the Foreign Exchange Regulation Act, 1973 general or special permission of the Reserve Bank of India for continuing any place of business or establishing any place of business for carrying on activities of trade and Commercial nature by a foreign company is required.
General:
The limit of the foreign equity in an Indian Company is now increased up to 51% from the earlier 40%. In certain cases 100% foreign equity participation is also now allowed. The Government of India has entered into agreements with major foreign countries including USA for avoiding double taxation.
Note: Friend ! after going through the above facts we must understand that there are some legal facts which our company has to comply with and which takes time, there is no short cut for this. So we request everyone not to panic and keep the faith intact in our Company. Let’s extend a strong hand of support to the Company which is building a strong foundation so that each one of us can achieve FINANCIAL FREEDOM.
PROUD TO BE SPEAK ASIAN !!!
General:
The limit of the foreign equity in an Indian Company is now increased up to 51% from the earlier 40%. In certain cases 100% foreign equity participation is also now allowed. The Government of India has entered into agreements with major foreign countries including USA for avoiding double taxation.
Note: Friend ! after going through the above facts we must understand that there are some legal facts which our company has to comply with and which takes time, there is no short cut for this. So we request everyone not to panic and keep the faith intact in our Company. Let’s extend a strong hand of support to the Company which is building a strong foundation so that each one of us can achieve FINANCIAL FREEDOM.
PROUD TO BE SPEAK ASIAN !!!
