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.

next hearing dates

CRLP 10782 / 2011 - Andhra Pradesh High Court - 17.04.2012

SLP 7509-7510/2011 - Supreme Court - 27.04.2012

WP 383/2011 - Supreme Court - 30.04.2012

WP/3611/2011 - Mumbai High Court - 03.05.12

WPST/3210 & 3211/2011 - Mumbai High Court - 10.05.2012

SpeakAsia Official Updates-04-04-12

Dear SpeakAsians

Since the last update, there are several issues we would like to address and clarify with our valued panelists. It is important that you understand our position and the actions we are taking.

Media Reports

The Times of India reported recently that we have sister companies that have been investigated for fraud.  There is no truth in this and we categorically deny that SpeakAsia has anything to do with either of these companies.  The companies mentioned are Red Carpet and Index AdMatrix. As for Seven Rings International, they were the publisher of the E-Zine magazine which was distributed by HVP.  SpeakAsia has no interest, commercial or otherwise, in any of their operations.  The reports in the Times of India are false and seem to be motivated by certain vested interests.  We have, on more than one occasion, offered to clarify our positions regarding the various issues with the Times of India, but unfortunately, our offer was not accepted.

Exit Policy

As you are aware, we have submitted a list of all those members who have opted to exit to the learned mediator.  The Mediator, accordingly had instructed the EOW and Mumbai Police (which still had in possession our company’s data and server) to return the database of our members to the Mediator for the disbursement process to commence.  However, the EOW and Mumbai Police have filed an affidavit in the Supreme Court refusing to submit the data to the Mediator.  We have also filed an appeal against this action.  Once this issue is resolved, we will resume the process of implementing the exit policy

Resumption of Business

The company has also initiated various steps for the resumption of our business.  Dialogue with various departments and authorities is underway with regard to PE formation, statutory clearances etc.  We would like to assure all our SpeakAsian Family members that we wish to quickly resume business once all the legal requirements are fulfilled.

Contact with the company and officials

As you know, we welcome your feedback.  Because of the overwhelming amount of emails we received on our present email address, our responses to you have been far from ideal.  To remedy the situation, we have created exclusively for India more email addresses according to the regions.  They are:-

a.       India.north@speakasiamarketing.com

b.      India.east@speakasiamarketing.com

c.       India.south@speakasiamarketing.com

d.      India.west@speakasiamarketing.com

Please do note that when you are communicating with the company, kindly mention your full name, address, current contact number, your login id and the name of your immediate upline. This will help us in verifying your credentials.  Please also note that if these details are not given in your email, no reply will be sent to you.

Warm Regards,

SpeakAsia Corporate Marketing Team