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MCA orders investigation on Speak Asia

Written by Ak Sharma

MCA orders investigation on Speak Asia.

New Delhi (mlmnewblog) – The Registrar of Companies (RoC) has been given go ahead by the ministry of corporate affairs (MCA) to investigate Speak Asia. The same was also confirmed by D.K. Mittal, secretary, MCA. He said that an investigation has been initiated but the top officials of Speak Asia denied that it had received any communication till date from MCA, ROC or any other government agency.

Earlier MCA could not probe Speak Asia due to its registration outside India, now the issue has been resolved and a fresh investigation is being launched on Speak Asia.

“Since Speak Asia is not registered in India, an inquiry under section 591 of the Companies Act, 1956, which deals with companies not registered in India, has been ordered and accordingly the RoC will investigate,” said the MCA officials.

The investigation will be done under RoC Delhi team where they will be assisted by the deputy RoC, Mumbai.

The aspects ROC will look into:-

  • Why has it not registered with MCA so far.
  • What are its investments.
  • How is it conducting its business.
  • Where is the money coming from.
  • How is it paying to the members, etc.,
The report will be finished within three months and after that final report will be submitted to the ministry of corporate affairs (MCA), who there after will decide what action has to be taken.
Our Take: There will be further delay in the payments to the panelists of Speak Asia as company will say that investigation is going on. There are two versions to the same story, one is given by Speak Asia and another by its members. We feel both should be called upon during the investigation to get the right picture. There is strong possibility that company might be able to get away with mild penalties but ultimately panelist will feel cheated in the process.

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Anil Kumar

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