Recent development on Speak Asia has given a mixed response to its panelist.
The Ministry of Corporate Affairs today said it could not investigate alleged irregularities in multi-level marketing company Speak Asia as the company is not registered with it. Same was communicated to journalist by Reserve Bank of India.
“Speak Asia is not registered in India so we cannot do any investigation against it. MCA does not have any database of the company,” Corporate Affairs Secretary D K Mittal told reporters on the sidelines of an AIMA event here.
On Wednesday, Manoj Kumar, Speak Asia’s CEO, told reporters in Delhi that the company is in the process of seeking approval from the Registrar of Companies, the Reserve Bank of India and the Foreign Investment Promotion Board.
However,D K Mittal added that Speak Asia has not applied for registration with the Ministry of Corporate Affairs (MCA).
Speak Asia also said it would start operations in India by opening three subsidiaries by August with a total paid-up capital of $21 million. By august they will also open three offices in India.
Some bad news, LinOpinion Public Relations, a division of Lowe Lintas group is no longer handling the Speak Asia account. Senior advocate Ashok Saraogi quitting as one of its legal advisors. Investors’ protection group filed a public interest litigation (PIL) in the Bombay High Court. The Court issued summons to five top officials of Speak Asia.
Head of Investors Grievances Forum Kirit Somaiya, also a BJP leader, who has charged the company with duping the investors, Kumar said the company’s model is precision marketing and not related to investors.