MLM News

Tag: speak asia MCA investigation

  • Government conducting probe against 154 companies, Sachin Pilot’s Reply to Rajya Sabha

    Government conducting probe against 154 companies, Sachin Pilot’s Reply to Rajya Sabha

    The central government is probing grievances of financial scams against 154 companies, which also includes those connected with Saradha Group and Rose Valley Group, Parliament was informed today by Sachin Pilot.

    In a written reply to Rajya Sabha, Sachin Pilot said ” We received complaints against 154 companies/organizations during the last 3 years,”

    Pilot stated his ministry has ordered probe of the balance sheets and various other files in these cases.

    “Some cases have been referred to the Economic Offences Wing of the concerned state government for additional examination,” he added.

    As per the list provided by the Minister, the complaints also include against 10 Saradha Group entities such as Saradha Realty, Saradha Agro Development, Saradha Exports and Saradha Garden Resorts & Hotel.

    Besides, the list includes names of 14 entities related to Rose Valley Group consisting of Rose Valley Industries, Rose Valley Marketing and Rose Valley Hotels and Entertainment.

    Vaishnavi Corporate Communication, Speak Asia, Reebok India, Alchemist Infra are among the various other business entities, against whom grievances were also received and they are also under probe because of their names in the list.

    Questions were also raised, like what steps are being initiated by the government to detect corporate wrongdoings.

    Pilot said “the ministry is in the procedure of developing an early warning system to recognize cases of frauds or possible scams at the earliest.

    “Pilot said, the testing of the early warning system is anticipated to be finished during 2013-14,”

    In addition, Pilot said, numerous measures had been embarked on to safeguard the investor’ interests with programs on awareness and education.

    Some of these steps include issue of multi-lingual print media ads from time to time to warn the investors about fraudulent investment schemes, MCA-21 site for lodging complaints and for tracking their status and a system of sending out SMSes cautioning investors.

    If you have any issue with your present company, you may directly register your complaint with Ministry Of Corporate Affairs by this link : http://goo.gl/xEwpSp

  • MCA orders investigation on Speak Asia

    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.