Speak Asia
The economic offences wing of Mumbai Police’s crime branch has arrested the chief operating officer (COO) of Speak Asia Online, Tarak Bajpai.
Bajpai was arrested and taken into custody by the crime branch officials in Indore around 2 am on Friday and was taken to Mumbai for further investigation. (more…)
HYDERABAD: Making it clear that Indian money will not be allowed to be sent to foreign shores during the pendency of the case, a division bench headed by Chief Justice Nisar Ahmad Kakru on Monday set aside a restraint order that had prevented the CID from freezing the money of Speak Asia Online company, a multinational money circulation firm. (more…)
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:-
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”
Due to legal tangles, Speak Asia is going to delay the transfer of pending commission. The pending commission amount is said be around Rs.1900 crores till date. Many Speak Asia panelist were saying that bank transfer of commission will start from 27 July, but we have received information from a source that there will be more delay in the transfer of panelists commission. Soon Speak Asia will give a new date for the transfer of commission. (more…)
Raipur: Chhattisgarh police has registered FIR against Speak Asia. This will be first FIR against Speak Asia Online in India. Already few investigations are being probed under Central Government agencies and departments. From past few months, the panelist of speak Asia Online from all over Chhattisgarh approached police to initiate action against Speak Asia due for non payments, but due to lack of evidence police could not proceed on the matter. (more…)
At last Speak Asia, Singapore based company Speak Asia Online launched an online shopping portal for their panelist. After a long time, many Speak Asians have been desperately waiting for some good news, now through shopping portal, panelist can buy electronic goods at a discounted price. The site will be up at 6: 30 Pm on July10, 2011. Before launching of shopping portal, The COO Tarak Bajpai, conveyed to panelist at Mumbai that they are here to stay. He also emphasized that there could be little delay in the transfer of money, because company is still going through formalities to open bank accounts in India. After the launching, company management will be out in the field to teach and share about the new system. (more…)
At last Prime Minister has accepted the request to investigate Speak Asia Online. Prime Minister Office has forwarded the complains to ministry of Corporate Affiairs (MCA), Reserve Bank of India (RBI),Securities and Exchange Board of India (SEBI), the home secretary & the finance secretary. It has also been requested from PMO to put the investigation at speedy track to keep the interest of 20 lakhs investors safe. (more…)
CID raided Speak Asia Online franchise at Vijayawada, Andhra Pradesh
VIJAYAWADA: A CID team lead by DSP YV Ramana Kumar raided the houses of D Srinivasa Reddy and LVA Swamy who are the owners of Speak Asia Online Limited franchisees at Vijaywada on Sunday. During the investigation CID team seized laptops, desktop computers, bank passbooks and all other incriminating documents pertaining to the activities of the Speak Asia Online. (more…)
This piece of information is manly for Indian Speak Asians. Most Speak Asians are desperately waiting for the cash transfer. We have received an inside information, the reason why did Speak Asia stop cash request & transferred all cash request back into your e-wallet. First they want you to generate pins and second to buy electronic products & appliances from their sister concern company YuG. (more…)