ROC Report on Speak Asia

New Delhi (mlmnewsblog) – Registrar of Companies (ROC), under Ministry of Corporate Affairs submitted its report on Speak Asia Online. In the report ROC found that Speak Asian Online Pte. Ltd. a Singapore based company Violated Section 591 in The Companies Act, 1956 according to the act, companies who are incorporated outside India and Still doing business in India, must get permission and registration from ROC before doing business in India.

After this report, ROC will call top company officials for an Inquiry and will start investigation from the beginning and will submit final Report within 90 days. On the other hand, Reserve Bank Of India (RBI) has given permission to Speak Asia to transfer pending money to all the investors and a circular has also been issued to the banks to help in facilitation. RBI also said that during the mean time Speak Asia cannot operate and do business in India, unless they pay off all the investors. if Speak Asia agree to do that, then only Speak Asia can apply for the fresh registration.

Now the big question is, will Speak Asia pay the money they owe to the investors or will they wait for 90 days to see the final report by ROC.

Our Take: Speak Asia had earlier said that they want to transfer the money into panelist bank account but due to RBI intervention they could not to that. Now the permission has been granted by RBI to Speak Asia to start the transfer, then this time there should not be any excuse from company’s top officials. If things does not improve then there could be something ” Dal mein kuch kala hai”