India Internet News
Government Investigating Transactions of Speak Asia Online In India
02 August 2011
After ordering an enquiry against the debatable multi-level marketing company Speak Asia Online, the government reported Parliament on Monday that the initial enquiry shows that it is not registered under the Companies Act.
Speak Asia Online, located in Singapore, is accused of misleading 12 lakh investors throughout India to accomodate Rs 1,300 crore, as per the Mumbai police who have taken into custody COO of the company Tarak Bajpai, panelist Deepankar Sarkar and others.
RPN Singh, the Minister of State for Corporate Affairs, reported Rajya Sabha in a written reply that his Ministry has ordered an enquiry on the company activities. He said, "As per preliminary inquiry, it is found that the company is not registered under the Companies Act. Besides, the company has also not registered its place of business with the Registrar of Companies, Delhi, as required under Section 592 of the Companies Act, 1956."
By the time, the Mumbai police also conducted investigations from PR and influencing industry Perfect Relations and its co-founder Dilip Cherian in the case. He said, "They (police) came to our office yesterday. They wanted to know about our relationship with Speak Asia. We told them it is a purely a client-agency relationship and showed our contract." Later on he added that Perfect Relations has discontinued dealings with Speak Asia once their crime came to light.
The CEO of Speak Asia India, Manoj Kumar said from Dubai over phone that he would be reaching India this weekend and denied rumours that he had gone underground.