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Speak Asia: Updates & Progress so Far

In a new popup for the Speak Asia Online users, Speak Asia has presented with updates and progress made so far. Main issues covered were permanent establishment in India and pending payments to all panelists. This time Speak Asia also included necessary documents with the popup to win to confidence of all Speak Asians.

They also displayed the proof of goods lying at the port and a public apology by Star News video which we have already seen.

In addition to all these, Speak Asia has also lodged a case in Bombay High Court against Star news and others under Case number SL/2100/2011 for defaming the company.

Here’s the formal announcement:

Dear Speak Asians,

We are happy to share the progress and update the status of various activities being done by your company .

1. Establishing a Liaison Office in India ( Process and Current status )

a) Application given to Reserve Bank of India

An application has been filed with the Reserve Bank of India, Mumbai through the bank for requisite permission to open an Liaison office. We understand that the applications are considered on case-to-case basis and the permission from Reserve Bank of India generally takes about 4-6 weeks time from the date of submission of application.

b) Registration with Registrar of Companies, New Delhi

Upon receipt of approval from Reserve bank of India, requisite documents have to be filed with Register of Companies for registration of Speak Asia under Companies Act. After scrutiny of documents, the Register of Companies will register the Foreign office and issue the certificate of registration. Thereafter, SpeakAsia can open a bank account and start operation in India. We are trying hard to expedite this activity and will keep you updated on its progress .

NOTE: The payouts from India can only start once bank account is opened and the approvals are given in writing by the authorities.

2. RBI’s approval for business model : Further to the order dated 14th July received from Hon . High Court to RBI for a meeting with Speakasia to understand the business model , we have written yet again to RBI asking for a suitable date vide letter dated 21st July. We hope that many issues will get
resolved after this meeting .

3. Distribution of rewards earned by you: The LCD / LED TV’s are already lying at the customs. These goods are held up in Customs in Mumbai due to our bank accounts being frozen . We are incurring huge demurrages on the same. The deliveries will start as soon as the goods are released from customs.

4. Interim orders received from Hon. Andhra Pradesh High Court: We have obtained court order for staying any activity by Crime Branch – CID against any of the officials or associates of SpeakAsia. We are cooperating with the authorities and ensuring that the business model of SpeakAsia is understood by all.

5. Public Apology by leading national news channel for misrepresenting the facts was aired on 21st July,2011

Friends , while we want to restart the business as fast as possible, we are constrained by the ongoing activities against us which only delays the entire process. In view of this giving a firm date can be a challenge but we assure you that we are getting closer by the day and working towards the earliest settlement of all issues which have been thrust upon us.

We thank you for your support thus far and hope that you will continue to have faith in your company and wait the business to start as usual. Kindly remember that any activity against your company by anyone (from within or outside) ,only will add to the delay. So be cautious and avoid any misrepresentation or activity that may delay the progress.

With best wishes
Team Speak Asia

Images and Videos:

Public Apology by Speak Asia:


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