SpeakAsians

SAOL LAWYERS TO MOVE TO SUPREME COURT ON 23 AUGUST

Firstly all speakasians were shocked by the news,about mira road eow taking again for statement,as you all know they were already wating for them to get out,and it was planned,so today our adovcate Mr Abad Ponda(THOUGH HE WAS ON A HOLIDAY BUT HE CAME BACK).His feared that this custody could happen but he hoped for best,but he came with his assitant had reached the court on time now the complain by mira road guy was not on speakasia, let me explain iu how it was, he had filed complain against the person who had joined him in saol , i.e, he had filed fir against the person who told him the plan (HIS UPLINE) is so called the person who represented him about saol , so he complain against j*** not saol , so we dont have to worry about this , this complain is not on saolnow our advocate told the migestrate that , the same type of case hads already been rejected by quilla court , so the point is, now we cant have same type of complaints from diffrent people , , our advocate told we are ready to pay the amount to the accused , let the RBi start the regulations and derfreeze the account. IT MAY BE POSSIBLE THAT ON WEDNESDAY THEY ARE SENT TO JUDICIAL CUSTODY THEN THEY GET A BAIL FINALLY ON 26TH
BUT TO STOP FURTHER HARRESMENT OF OUR OFFICIALS
our lawyers are going to supreme court on tuesday for everthing …according to me tarak sir and all will be send to judicial custody on wed for two days and then he will get bail and yaa in the mean time our lawyers will try there best to get a stay from supreme court on all further arrest and get a final verdict once and for all OUR CASE IS STRONG
1) ED HAS DONE ITS INQUIRY
2)EOW HAS DONE ITS INQUIRY
3)ROC HAS DONE ITS INQUIRY
4)RBI NOT LISTENING
5)LOTS OF PIL IN DIFFERENT PLACESNO AUTHURITY IS ENTERTAINING OUR PLEA DESPITE OF OUR GLOBAL CEO HAREN KAUR WRITTING MANY TIMES…
SO SUPREME COURT CAN ONLY GIVE THE FINAL VERDICT WHICH IS THE TOP MIST COURT OF LAW.

Souce:- speakindiaonline.com

Watch this video....

This is a clipping form the movie 'GURU'.

speak asia's letter to RBI

SpeakAsia's CEO's family detained at Delhi airport

Todays’ news is a really bad one regarding the detainment of CEO’s family. The only reason is at any cost EOW want CEO Mr. Manoj Kumar back to India, so that they can arrest him and delay SAOL business. Court never said that EOW cannot investigate Speak Asia issue. Eventhough Mr. Tarak got bail, court favoured EOW also. That’s why Tarak and others have to report to EOW on every tuesday and thursday for 2 months. Court also put the condition that COO and others should not go out of this country and their passport is with police. This is also due to the request of EOW. Guys one thing is sure government agencies are planning to stop SAOL business by any means. This is cheap politics.

Speak Asia to refund money to investors

Media reports claimed that the Singapore-based online survey company, Speak Asia, which has been accused of Rs 2,000 crore scam, is planning to give back the money to investors.
Amid the allegations of duping nearly 12 lakh investors across India, Speak Asia came up with a message saying that panelists can withdraw money from the scheme and can get their money back.
The disclaimer on the website claimed that panelist who wishes to withdraw from the scheme can write to the company and get their money back.
Also, Speak Asia released a press note describing that the company is in dialogue with the Reserve Bank of India on making the payments to panelists. Speak Asia coming up with 'Exit Policy' that gives the money back to people who wish to end their association with it.
Meanwhile, a local court in Mumbai granted bail to online firm's COO Tarak Bajpai and four other officials. Court granted bail to Bajpai, Speak Asia Financial Manager Ravi Khanna, the web portal's technicians Rajeev Malhotra and Rais Khan, and panelist Deepankar Sarka on surety of Rs three lakh each.
Commenting on the bail for COO, Speak Asia India CEO Manoj Kumar said that they have full faith in Indian judiciary and the company will overcome all accusations levied against it.
"We have full faith in the judicial wisdom and fairness of our country. We are confident that we shall be absolved of all accusations levied against us. We are also in dialogue with RBI to allow us to make payments to all our panelists who have stood firmly with us at the time of need. This will also help us to implement our exit policy which would enable those panelists who wish to end their association with the company," Manoj Kumar said.
Speak Asia was conducting multi-marketing pyramid model, which promised exorbitant investment returns to the investors.
Speak Asia offered Rs 52,000 return in an year after investing just Rs 11,000. It has been found that there are more than 20 lakh investors across India and the company had 150 franchises across the country.

Source:- Oneindia news

SpeakAsia-kolkata

Bail granted to five in SpeakAsia case.

The metropolitan magistrate court granted bail on Thursday to five of the six accused who had been arrested in the SpeakAsia scam. Tarak Bajpai (36), chief operating officer, Rajeev Mehrotra, technical head for its portal, Shaikh Latif (32), an assistant for the daily portal's operations and in-charge of regular pop-ups, Ravi Khanna (44), a finance accountant, and Deepankar Sarkar, a panelist, were granted bail on a cash surety of Rs 3 lakh each.
Under the conditions of bail, the accused will have to deposit their passports and they cannot leave the city. They also have to report to the economic offences wing office every Monday and Thursday. The sixth accused, Rahul Shah, a partner in SpeakAsia, is in police custody. The defence argued that none of the accused had any active role to play in the case.

Tarap Bajpai released

Today on 18th August Tarak Bajpai,COO of speakasia along with other four Rajeev Malhotra , Ravi Khanna , Raiyes Shekh and Deepankar Sarkar were granted unconditional bail.

speakasia COO Tarak Bajpai released-18th august

SAOL got registered in Bangladesh

Today(17th august) is a great day for all speakasians of bangladesh.Today speakasia got registered with RoC of bangladesh.

Entity Name:- SPEAK ASIA ONLINE (BT) LIMITED
Entity type:-Private Company
Name Status:-Registered[Reg. No.CH-7896]

http://www.roc.gov.bd:7781/psp/nc_search

Tarak Bajpai-when he was taken into custody

That Time/This Time -Speakasia

The Gen X bazaar(9th to 11th may) was a great success and business worth over 100 Crs. was done in those three days. The same day when GenX bazaar ended Star News showed a news stating speakasia to be a fraud company.Before the news came there was not a single case where there has been a payment delay in anyone's account,and people were earning a handsome monthly income.As the panelist base was more than 15 Lakhs at that time, the news channels though of a great way to increase there TRPs.To gain TRPs these news channels went all the way to Singapore where the speakasia office is located.They found the office and saw everything was working fine,but still they had to make some news,so they raised issue on the small size of the office,number of employees etc.They said that there were hardly 3-4 persons present in the office and how can speakasia work with so small employee base.In the conference held at talkatora stadium on 9th june, Delhi speakasia's COO cleared this point.

Following the market sentiments the payment gateway by speakasia's banking partner UOB,Singapore was closed and payment were stopped from 25th may,again media grabbed this opportunity to defame speakasia.Speakasia even managed to open a new account in Singapore but as the company got a very negative publicity in India, for security measures RBI gave instructions to the banks in India to freeze all the accounts of speakasia.

It has been more than 3 months still the payment didn't start.The company is ready to pay their panelist .but how????????They are approaching the govt. officials but they never get a complete positive response,and they keeps on delaying things.But the government is not bothered about 20 lakh peoples of India who are associated with it,of which many earn there living form SpeakAsia.

Lets hope for the best.

SpeakAsia Panelist Association

To be a part of 'Speak Asia Panelist Association' kindly mail the content give below at :- speakasia.association@gmail.com

Dear sir,
This Mail is to Sign my Wholehearted support to SpeakAsia Online Pte Ltd. (SAOL) which is being constantly haunted by Cheap Politicians and Some Crooked Media People.
At any Cost Government should take action to restart the business of SAOL and protect approx. 20Lac SpeakAsian Panelists who are common public of our country.
I hereby Authorise the "All India Speakasia Panelist Association" to represent in the legal matters of SpeakAsia for me Across the Country.
I also authorise the Association to appoint a suitable advocate for we people-20 lacs common people, the Panelists.
Be Proud to be a SpeakAsian
Thanks and regards,

Name :
City :
State :
Pin Code :

Updates 16-08-11

The Bail plea of COO Tarak Bajpai and others are still pending and the next hearing is on 18th august.

Unsatisfied by the response of the government of india, the panelists all over india has formed an association called as SPEAKASIA PANELISTS ASSOCIATION. They are going to file a PIL(Public Interest Litigation) in bombay high court and in this PIL -FM(Finance minister),MCA(Ministrty of corporate affairs) and RBI will be addressed.

The mail id of SPEAKASIA PANELISTS ASSOCIATION :- speakasia.association@gmail.com

Blood donation camp by Speakasians-chennai

This year speakasians celebrated independence day in a unique way.Speakasians from Chennai had organised a blood donation camp on 15th of august,in government general hospital,Chennai.This event saw many speakasians along with there family voluntarily participating and donating blood.

These certificates were give to the volunteers

Things Slowly turning positive.....

On 4th august the police custody of Tarak Bajpai was extended till 12th of august.But even after the extended custody EOW couldn't find any substantial evidence against speakasia.Today 12th august again EOW approached to court requesting extension of remand for another 14 days.Court rejected the plea of EOW.

Now COO of speak along with four others have been kept under judicial custody till 16th august as the court will be closed for the next 3 days and on 16th a bail application will be filed for the release of tarak bajpai along with other 4 officers.

SpeakAsia on Zee Business - 12th August

Ram Jethmalani Salms News media openly.

Mumbai police arrest another key person - 12th august

Police arrested another key person in connection with the Speak Asia scam, which was estimated as big as Rs 2,000 crore. Now, the total number of arrest in this case rose to six, including the COO of the Singapore-based online survey company.
Police on Thursday, Aug 11 arrested Rahul Shah, vice president of Tulsient Information System Pvt Ltd, a Business Process Outsourcing (BPO) unit that looked after Speak Asia's financial affairs.

"Rahul Shah has been arrested from the city," said Additional Police Commissioner (EOW) Rajvardhan Sinha.
Police officials said that Tulsient looked after the financial affairs of Speak Asia and also played an important role in the controversial company's online surveys. According to police, Speak Asaia CEO Manoj Kumar, who is wanted in this case, is a partner in Tulsient.
The city police had recently arrested Speak Asia's Chief Operating Officer (COO) in India Tarak Bajpai, financial manager Ravi Khanna, technicians Rajeev Malhotra and Rais Khan and panelist Deepankar Sarkar and all of them were remanded in police custody till August 12.
Mumbai police informed the court that they had found Rs 139 crore in the Speak Asia's 35 frozen accounts. The police said that the fraud amount has crossed Rs 2,276 crore, but going by the number of investors, the amount could be over Rs 14,000 crore.

A Unique way to support speakasia @ Varanasi

SpeakAsia support Rally - Kanpur-10 August

SpeakAsia Support rally - Indore.

On one hand, when protests are taking place against Singapore-based online firm Speak Asia across the country, there is a section that supports the company and its business.
Members of the Speak Asia Panelist Welfare Forum on Wednesday took out a rally from Tower Chowk to collectorate in Indore.
The protestors even submitted a memorandum, stating their points supporting Speak Asia, addressed to President Pratibha Patil.
They alleged that a false propaganda was being done against the Singapore-based online company.
It was further claimed that all the bank accounts of the company were frozen as part of a conspiracy while the firm wished to return the money to all the investors.

CNBC Aawaz Exclusive report on Speakasia.

This report was telecasted in CNBC Awaaz on 10th august.

updates Of Speakasia 11th August.

EOW has signed a Non-Disclosure agreement(NDA) with speakasia and checked the client list and also verified it with the clients.
Speakasia has also brought a TV channel named 'A2Z'.This has not been officially launched till now,and will soon be released.This news was confirmed by the franchise of speakasia.
A peaceful rally is being organised on 12th august in Mumbai, at 10 a.m,azad maidan,near CST station.

Updates 8th August

Today EOW called Many franchise and top panelists for investigation.After investigation EOW has accepted that speakasia in not an money laundering company.
SAOL didn't give the complete authority of there server and the Govt. officials were accompanied by SA's technician (IBM).
Court cannot extend the custody of Tarak Bajpai any further than 12th August.
Till date EOW has no evidences against speakasia.

Speakasians in action....

Protest by speakasians in jalandhar

Speak Asia case accused remanded in police custody till Aug 12

A local court on Thursday remanded the five accused arrested in connection with Speak Asia's multi-level marketing scam in police custody till August 12.
The city police had recently arrested Speak Asia's Chief Operating Officer in India (COO) Tarak Bajpai, Financial Manager Ravi Khanna, the web portal's technicians, Rajeev Malhotra and Rais Khan and panelist Deepankar Sarkar.
Speak Asia had promised lucrative returns through a multi-marketing pyramid model. The firm allegedly duped over 12 lakh investors, also called as panelists to the tune of Rs 1300 crore, by assuring them commission if they introduced new members.
The police today told the court that they want to recover the money that the accused had syphoned off after duping the investors. The police also said that some more arrests were likely in the case.
The police also said that they have frozen 35 bank accounts belonging to the company which reportedly have funds worth about Rs 130 crore.

Red-corner notice sought against global head of SpeakAsia

Investors have lost over Rs 14,000 crore in SpeakAsia's schemes, police said. The cops recently froze the company's 35 bank accounts that had a balance of around Rs 139 crore.
The company promised a return of Rs 52,000 on an annual investment of Rs 11,000. There are more than 20 lakh investors across India who was known as panelists. "One account in a Mumbai bank had a balance of Rs 80 crore," a police officer said.
The economic offences wing (EOW) is also collecting information about the company's global head, Haren Kaur, a Singaporean national of Indian origin, to issue a red corner notice against her.
"As per our information, she is in Dubai. We will soon issue a red corner notice (RCN) through the CBI to arrest her," another officer said. The police registered two fresh cases in Indore following investors' complaints.
Police officials said that they have contacted computer emergency response team in Delhi to block the firm's website. The server on which the website is hosted is located in the US and it will take time to block it globally, the police said.
The EOW has arrested five officials of SpeakAsia so far. The Esplanade court remanded the five accused in police custody till August 4. "More arrests are likely soon," said investigating officer, B P Shelke.

speakasia website closed by investigating agencies.

Speak Asia Was under the radar of Government Investigating agencies and Speak Asia Tarak Bajpai Arrested 29 July 2011 according to News Mr. Tarak with his associates in Mumbai was controlling the
website later on Cyber Investigation Started After Speak Asia News on 3rd of August . In a News Shown
on 5th August Speak Asia Managed By Tulsient Consultancy EOW Mumbai after that today on 7th of August Investigating Agencies have closed the Websites.

Speak Asia Website was start getting daily visitors of more then 1 Lakh for their Speak Asia POP UP where
news are Published. As After News Come of Speak Asia Fraud on day by day Speak Asia Website World
ranking was getting improved 3 Months Before its Stand 1,50,000 and Today 976 it means this all Fraud allegation giving website a Better World Wild Ranking .

SpeakAsia's letter to RBI.

Exit Option to be made avaliable form 5th August

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navbharat times

A message to all speakasians

SpeakAsia Product Brand - YUG

The campaign of SpeakAsia's Product brand YUG has started,as it was promised earlier.This ad was shown in times of india on 31st july,11.

‘No promises broken, CEO not hiding’-TOI

A local court on Friday remanded Tarak Bajpai, COO of an online survey company SpeakAsia and three others to police custody till August 4. The Economic Offences Wing (EOW) had arrested all four around 3.00 am early Fridayin Indore after two Mumbaikars filed a complaint against the company for cheating them of Rs 5.43 lakh.

According to the remand copy, the main complainant Navneet Khosla had filed a complaint claiming he was allegedly duped of the Rs 2.4 lakh he had invested in the scheme. Khosla told investigators that in February 17, 2011, two members from SpeakAsia—Ujjawala Shete and Amit Welankar—had visited his house to discuss the scheme.

The public prosecutor Ujjawala Gite told the court that the CEO of the company, Manoj Kumar was absconding and fearing that the others—COO Tarak Bajpai (36), Ravi Khanna (44), Shaikh Rais Lateef (32) and Rajeev Mehrotra (50)—too would abscond, they were arrested.

The EOW registered the case on Thursday under Section 406 (criminal breach of trust) and 420(cheating) of the Indian Penal Code (IPC) and under Section 3 (Banning of prize chit and money circulation schemes or enrollment as members or participation) and various other sections of the Prize Chit and Money Circulation Banning Act.

Defence advocate Abad Ponda denied that the CEO was hiding. He repeatedly told the court that the accused were never issued summons before their arrest. He said the police had acted “in lightning speed” only after the company had intervened in a PIL filed against it in the HC. According to Ponda, at no time did SpeakAsia say it would double or triple investors’ money, but that it was a point-based system that depended on the client’s efforts.

Source:- times of india

CEO Manoj Kumar

CEO of speakasia adressing all its fellow speakasians,on 31st july,2011

Tarap Bajpai arrested - CNN coverage.

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.

SpeakAsia new ad

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:

PROUD TO BE SPEAK ASIAN !!!

Source:- http://www.bizbasket.net/2011/07/facts-about-permanent-establishment.html

स्पीक एशिया, बाम्बे हाईकोट, मानहानि का मुकदमा

MONDAY, JULY 25, 2011

स्पीक एशिया ने आज बाम्बे हाईकोर्ट मैं मीडिया कंटेंट एंड सर्विसेज इंडिया प्रायवेट लिमिटेड के खिलाफ मानहानी का दावा प्रस्तुत किया। यह दावा सिविल प्रक्रिया संहिता 1908 के तहत प्रस्तुत किया गया। इस प्रकरण में स्पीक एशिया का नाम Speakasia online pte. ltd लिखा गया है एवं Lodging No.:-SL/2100/2011 है.

मीडिया कंटेंट एंड सर्विसेज इंडिया प्रायवेट लिमिटेड का एक परिचय
MCCS BACKGROUND
Media Content & Communications Services India Pvt. Ltd. (MCCS) was formed on 31st March, 2003 by the two biggest brands in Indian media industry. It is a 74:26 joint ventures between Ananda Bazaar Patrika TV – a 100% subsidiary of ABP Pvt. Ltd., and STAR News Broadcasting Ltd., a wholly owned subsidiary of the STAR Group. MCCS broadcasts “STAR News” India’s most reputed Hindi news channel , STAR Ananda, India's first 24 hours national Bengali news channel and STAR Majha, India’s 24 hours Marathi News channel. STAR News, living up to its motto of “Aapko Rakhe Aagey”, is a people’s channel that focuses on relevant news in a cutting-edge format. India's leading Hindi news channel, is best defined as channel with a fair and balanced approach that combines prompt reporting with insightful analysis of news and current affairs. Since its conception, the channel has grown to command a respectable viewership in its domain. In June 2005, MCCS launched, STAR Ananda, which immediately set a benchmark with its diverse, yet incisive news coverage. A pioneering and distinctive leader since launch, STAR Ananda continues to consolidate its numero uno position. Recently in June 2007, with the entry of STAR Majha, MCCS claims the leadership position in India's most industrialized state of Maharashtra.

Source:- http://www.thebhaskar.com/2011/07/blog-post_4182.html

स्पीक एशिया: एस्क्रो अकाउंट से होंगे पेंडिंग पेमेंट्स

स्पीक एशिया मेनेजमेंट ने लगभग तय कर लिया है कि पेंडिंग पेमेंट्स का काम एस्क्रो अकाउंट से पूरा किया जाएगा, जबकि भारतीय बैंक में खाता खोलने की विधिवत प्रक्रिया भी शुरू की जाएगी।

सूत्र बताते हैं कि लंबित भुगतानों को बहुत ज्यादा समय तक रोके रखने से पैदा हो रहे विरोध को लेकर स्पीक एशिया प्रबंधन बहुत चिंतित है और वह बिल्कुल नहीं चाहता कि एसएमएस, फोनकॉल, ईमेल और दूसरे माध्यमों से सामने आ रहा यह विरोध किसी भी तरह से कानूनी रूप से सामने आए।

अत: सरकारी अनुमति के बाद लंबित भुगतान की प्रक्रिया पर काम शुरू हो गया है। प्रबंधन एस्क्रो अकाउंट के जरिए सभी लंबित भुगतान करने का मन बना रहा है। एक्सपर्टस का कहना है कि यदि एक बार एस्क्रो अकाउंट से पेमेंट का काम शुरू हुआ तो अधिकतम 2 सप्ताह के भीतर सभी भुगतान पूरे कर दिए जाएंगे। कहीं कोई बकाया नहीं रहेगा।

इसके अलावा मोबाइल और एलसीडी की डिलेवरी अगले शुक्रवार से शुरू हो जाएगी, इससे पहले जिन लोगों ने इसे क्वालिफाइड किया है उनके पास एक संदेशा भेजा जाएगा।

Source:- http://www.thebhaskar.com/2011/07/blog-post_874.html#more

SpeakAsia Ad - 25/07/11

SpeakAsia Ad on Economics Times-25/07/11

new POP-UP-25/07/11

Dear Speak Asians,
We are happy to share the progress and update the status of various activities being done by your company .
1. Establishing a Liaison Office in India ( Process and Current status )
a) Application given to Reserve Bank of India
An application has been filed with the Reserve Bank of India, Mumbai through the bank for requisite permission to open an Liaison office (click for copy). We understand that the applications are considered on case-to-case basis and the permission from Reserve Bank of India generally takes about 4-6 weeks time from the date of submission of application.
b) Registration with Registrar of Companies, New Delhi
Upon receipt of approval from Reserve bank of India, requisite documents have to be filed with Register of Companies for registration of Speak Asia under Companies Act. After scrutiny of documents, the Register of Companies will register the Foreign office and issue the certificate of registration. Thereafter, SpeakAsia can open a bank account and start operation in India. We are trying hard to expedite this activity and will keep you updated on its progress .
NOTE: The payouts from India can only start once bank account is opened and the approvals are given in writing by the authorities.

2. RBI's approval for business model : Further to the order dated 14th July received
from Hon . High Court to RBI for a meeting with Speakasia to understand the business model , we have written yet again to RBI asking for a suitable date vide letter dated 21st July (copy of letter attached). We hope that many issues will get
resolved after this meeting .
3. Distribution of rewards earned by you: The LCD / LED TV's are already lying at
the customs (copy of documents attached). These goods are held up in Customs in Mumbai due to our bank accounts being frozen . We are incurring huge demurrages on the same. The deliveries will start as soon as the goods are released from customs.
4. Interim orders received from Hon. Andhra Pradesh High Court: We have obtained court order for staying any activity by Crime Branch - CID against any of the officials or associates of SpeakAsia (copy of order attached link 1, link 2). We are cooperating with the authorities and ensuring that the business model of SpeakAsia is understood by all.
5. Public Apology by leading national news channel for misrepresenting the facts was aired on 21st July,2011 ( link attached )

Friends , while we want to restart the business as fast as possible, we are constrained by the ongoing activities against us which only delays the entire process. In view of this giving a firm date can be a challenge but we assure you that we are getting closer by the day and working towards the earliest settlement of all issues which have been thrust upon us.
We thank you for your support thus far and hope that you will continue to have faith in your company and wait the business to start as usual. Kindly remember that any activity against your company by anyone (from within or outside) ,only will add to the delay. So be cautious and avoid any misrepresentation or activity that may delay the progress.
With best wishes
Team Speak Asia

Registration of overseas online firms to be made mandatory

Joe C Mathew / New Delhi July 24, 2011, 0:58 IST

New Companies Bill to make direct-to-home shopping sites accountabe to Registrar of Companies.

In a bid to make foreign companies engaged in online and direct-to-home business practices in India accountable, the Ministry of Corporate Affairs (MCA) will make enrolment of all such companies with the country’s Registrar of Companies (RoC) mandatory.
The need to have control over such organisations was felt in the wake of increasing instances of online businesses that cut across national boundaries.
The proposal for mandatory registration will form part of the new Companies Bill 2011, a senior official said.

The government may also verify that the promoters of the overseas firms or their business associates in India, including logistic partners, have not committed any economic offences under any national or international jurisdiction.

“The track record of the directors of the company will be sought to ensure they are not fly-by-night operators who had been convicted or banned from conducting business or establishing firms in other countries,” the official said.

Details of previous businesses of the promoters and their associates will also be sought before the company gets an approval to do business in India.

The Companies Bill 2009, a revised version of which is being finalised now, already contains the existing set of basic disclosures that are required to enable a company to operate in the country. These include details of the companies’ charter, statutes, memorandum, articles etc. Contact details of the senior management team will also be sought. Similar disclosures will have to be made about their business associates in India.

Recently, MCA had had initiated a probe into the activities of foreign companies that are registered abroad but have business operations in India.

The inquiry was triggered after complaints were registered against Singapore based SpeakAsia over its business practices. SpeakAsia, which charges an annual membership fee of Rs 11,000, pays back its members for conducting online surveys for its clients. The company had refused to disclose the names of the clients to whom it sells the survey results.

The controversy erupted in May after an investors’ protection group filed a public interest litigation before the Bombay High Court. The court issued summons to five top officials of SpeakAsia. The MCA probe was initiated in the backdrop of these allegations.

Source: http://www.business-standard.com/india/news/registrationoverseas-online-firms-to-be-made-mandatory/443698/

Star news apologized to speakasia

21/07/11 zee news

21/07/11 times of india

e-paper times of india

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SAOL's reported violation of Sec 591; Companies Act, 1956

Certain sections of Media have reported that SAOL has violated Sec 591 of The Companies Act, 1956. This is not the time for us to panic rather to understand the following facts about this section and implication of its violation by any company of foreign origin:

Companies Act 1956-Part XI, Companies incorporated outside India (Section 591-608 ) 591 Application of sections 592 to 602 to foreign companies.

Sections 592 to 602, both inclusive, shall apply to all foreign companies, that is to say, companies falling under the following two classes, namely:-

a). companies incorporated outside India which, after the commencement of this Act, establishes a place of business within India; and

b). companies incorporated outside India which have, before the commencement of this Act, established a place of business within India and continue to have an established place of business within India at the commencement of this Act.

To Read Section 592 to 597 and again from Section 599 to 602 please click here. These are various sections which are included in Sec 591.

Our major focus is on Section 598 and Section 599 which deals with penalty for violation.

598 Penalties.
If any foreign company fails to comply with any of the foregoing provisions of this Part, the company, and every officer or agent of the company who is in default, shall be punishable with fine which may extend to ten thousand rupees, and in the case of a continuing offence, with an additional fine which may extend to one thousand rupees for every day during which the default continues.

599 Company's failure to comply with Part not to affect Its liability under contracts, etc.
Any failure by a foreign company to comply with any of the foregoing provisions of this Part shall not affect the validity of any contract, dealing or transaction entered into by the company or its liability to be sued in respect thereof; but the company shall not be entitled to bring any suit, claim any set off, make any counter-claim or institute any legal proceeding in respect of any such contract, dealing or transaction, until it has complied with the provisions of this Part.

NOTE: After going through sec 598 and sec 599 it is understandable clearly that there is nothing to be worried about as far as the Permanent Establishment(PE) of SAOL is concerned for which the Company is putting an unprecedented fight. We are not sure whether the Company has violated this section or not, but even if any foreign Company violates this section, the penalty is only in terms of fine (sec 598) and other contract related (covered by sec 599). If we see the penalties in relation with the PE of Speak Asia, it seems that it is not going to be hampered. So let us not draw any conclusion and wait for the final nod from Govt. Of India.