SpeakAsians

Official Updates : 8th May

Dear Speakasians,

This is to inform you all that a website by the name of www.speakasiaexit.com has recently put up an exit application form for all those panellist who wish to leave our family.

The company would like to state that it has no connection with the above mentioned site whatsoever. This website has been put up by certain vested interests who wish to derail the process of the exit options. Suitable legal actions have been initiated against the concerned for this gross inappropriate action.

The company as usual will continue communicating with all of you through its own blog site. Speakasiaonline.marketing.blogspot.com .

Warm Regards,

SpeakAsia Corporate Marketing Team

Next Hearing after summer vaccations

The hearing which was scheduled on 30th of April was postponed and now its scheduled after summer vacation which will end in July. But the lawyers of speakasia are trying to get the hearing dates before the closure of the court and if they are successful in getting the dates the hearing will be in a week or two.

This hearing is well anticipated among the panelists and is considered to be a milestone is speakasia case. According to some of the senior panelsits of speakasia the business restart is just a step away and the verdict of this hearing will bring about a major impact on the speakasia case.

SpeakAsia Official Communication

Update from speakasia's official blog:

Dear Panellists,

As you are all aware that the company has been actively engaged in solving the current crises that it faces for the last eleven months. This journey has been long and tough and has brought out the best effort from all of us in combating the situation. We now do have reasons to believe that we should be able to resolve the current impasse soon.

As mentioned earlier, efforts are underway to open a permanent establishment of the company in India, so that it is able to re-start the business as a local entity in India, in accordance with the prevalent local laws.

In order to have a smooth and Hassel free re-start, we request you to kindly have the following documents ready as they will be required upon re-start of the business.
a) Name
b) Proof of Residential Address
c) Bank Account Details including Swift Code and IFSC Codes

Please do note that this only a preparatory exercise in anticipation of our business re-starts. Once we get all the permissions from the concerned authorities, we will communicate with you for the next set of actions to be taken.
We once again thank you for your support to the company during this difficult period .

Warm Regards,
SpeakAsia Corporate Marketing Team

Legal proceedings: 16th April,12

Bombay High Court: WP/3611 of 2011 filed by AISPA for quashing of FIR 60/2011 of EOW filed under the complaint of Navniit Kkhosla, the investigations of EOW in the FIR is stayed under this Writ. The matter is now posted for 3^rd May, 2012.

Supreme Court: WP/383/2011 is scheduled to be heard on 30^th April, 2012. This Writ deals with the payment for the EXIT OPTION and the Hon’ble Supreme Court has appointed Hon’ble Mr. Justice R.C. Lahoti ji as a mediator in this matter.

Mediation Process: The Hon’ble Supreme Court vide an order dated 14^th November, 2011 had appointed Mr. Justice R.C.Lahoti ji as a Mediator in this matter. The court has asked the Mediator to ascertain the entire dues of the panelists wanting to EXIT and the Tax liabilities of the company.

Before the Mediator could ascertain the entire dues the company on its own accord has deposited with the SC registry an amount of USD 10 Million (Approx Rs. 50 Crores)

AISPA had conducted a question and answer session with our Adv. Ahmad Abdi Sahab and Abdi Sahab has reminded us in the end of the video that the speed of the SAOL matter is creating history of sorts and it is rarely seen that the matter reaches such an advanced stage in such a short time frame.

Some panelists have mistaken Abdi Sahab’s contention, and have assumed that the Web Site is with the Mediator. Mr. Abdi Sahab has in fact said that “the matter” related to Web site is before the Mediator and will be resolved by the Supreme Court.

All in all the entire matter is moving in the favor of the panelists and the resolve of the company to return back soon is amply evident by the letter dated 3^rd April, 2012.