This article was published in a hindi newspaper -"hindustan" on 11th September after the company proposed its EXIT policy.
"EXIT Option" Started....
As it was notified by the speakasia officials on 1st august,now the EXIT option has been opened for
its panelists.
The official note made was as follows:-
In continuation to our exit policy notification dated 1st August 2011, please find below the terms and conditions for awaiting of the exit policy option.
Since panelists have joined SAOL at different stages and time, the possible scenarios in case panelists chooses to EXIT will be as follows:
NO Reward points (henceforth referred as RP ) earned after becoming a panelist:
If you have recently subscribed to the E-Zine and have not participated in any of the SAOL activities or no RP's have been credited in your account then you can opt out of your association with SAOL by agreeing to these terms and conditions and filling up the attached form. By doing so you will a refund of your entire subscription cost less the registration amount to your bank account mentioned in your profile. The e-zine subscription shall cease to be sent to your mail ID and you will no longer be associated with SAOL.
RP's Earned lesser than Subscription Cost:
In case you have en-cashed or used RP's, whose total value is less than the subscription cost, these RP's shall be deducted from the cost of subscription and the balance will be credited in to your bank account. The ezine subscription will later cease to be sent to your mail ID and you will no longer be associated with SAOL.
RP's en-cashed or used are more than subscription cost:
You are welcome to participate in SAOL website since your participation has earned your RP's more than your subscription cost. You can now utilize the RPs for various revenue generating activities of the company once restart of our services is allowed in India.
In order to exit you are required to fill and submit the attached form. In order to fill the attached form, you will have to agree to the terms and conditions mentioned in this policy by clicking on the I agree button at the bottom of this page. Your details will be verified with the company's database and a confirmation mail will be sent to you. This is subject to gaining access to the company's servers from EOW Mumbai.
Amounts due to you will be sent by telegraphic transfer from Singapore and the company's amount lying in the accounts of the master collection representatives of HVP in India. This is subject to getting an assurance from the RBI in India that these transactions will be allowed to be credited to your accounts in India. ( Alternatively the company is also actively exploring the possibility of transferring the total amount along with the list of recipients to either a designated court in India or a competent authority that the court may wish to appoint for this purpose.)
All the amount lying with the company in Singapore are being legally reserved for making the payment to the panelist and cannot be used for any other purpose.
If the panelists EXIT, it is their sole responsibility to satisfy the queries raised by any of the authorities. Once the decision to EXIT is taken, it cannot be reversed. Any rewards due to the panelists who exit will not be processed and will not be contested by the panelists.
Some points to be noticed here:-
- Though the exit option is made available,the request won't be processed until the company gains access to there servers.i.e until the official website starts its normal functioning.
- If the account of the panelist falls under any of the above mentioned categories he will get his money back according to the conditions give.
- Even after the approval for the refund panelists will have to wait for the RBI clearance.
In my view one should not opt for EXIT option.The company is pretty much sure that there business will be restored soon that's why they are giving this EXIT option,and when the company comes to its normal functioning the panelist will start getting there incentives regularly. Anyways those opting for EXIT option won't get there money back now,but only after everything becomes normal they why to hurry?
We should look it as a positive gesture of the company towards its panelists.
High Court Hearing - 7/09/11
Since EOW was unable to show anything negative in court today, court has given the judgement that EOW and SAOL has to sit to gather and resolve the case by paying back the money to all panelists . So mostly they will be sitting tomorrow onwards for further discussion.
AISPA Association’s PIL: They need more time which is granted till 21st Sept 2011.
AISPA PIL which is against ROC, MCA, EOW. its hearing is over, in which EOW was not present and MCA and ROC asked for 14 more days for submition of its Final report, which has been granted saying its the Final Extension. No Evidence found against SAOL yet.
Note: AISPA PIL case & SAOL case are both different so do now worry for AISPA’s hearing.
The Updates are:-
1. The PIL of the association got the new date of 21 sept,11.
2. In the case of management the court has suggested EOW to resolve the case by sitting together(For the provision of the payment of the panelists ).
3. It's an positive sign because only if the panelists get back there money the company will be stronger than before.
It is also predicted that the official website of speakasia will be back to its normal function in the days to come as meeting with various govt. officials are being arranged.
Court proceedings of 7/09/2011
Firstly, EOW didn’t show up in the court yesterday,there is a reason behind that and its between the Speakasia and EOW.But EOW lawyers confirmed that they didn’t found anything against Speakasia.As such EOW will hold talks with officials of Spkasia regarding a constructive structural plan to pay the panelists and will have a thorough discussion on Speakasia as directed by the court.Further points will be updated letter.
Secondly,MCA and RoC are asked time and they were given a date(21/09/2011).As the PIL is in pre admission stage,MCA and RoC is not in a position to say anything about Spkasia(nor FOR neither AGAINST) so they were given a date.
N.B : EOW has no any problem with Speakasia in legal terms and no economic offences were found.
N.B : This meeting is not for registration process and payment approval.Its the duty of MCA and RBI for all that and not EOW.
Thirdly, Positively by tomorrow a meeting is scheduled(fingers crossed) and after that the site will be active by Saturday or latest by Monday and after that Exit option may start(hopefully).
Thanks and Regards
