Dear Speak asian,
There are lot of things going on behind the scene. After a gap, we at want to show two important things which shows why we have faith in SAOL and why we think that the management is fighting tooth and nail.
Firstly, watch the video below in which the CEO of the company Mr.Manoj Kumar is being asked some questions at Abu Dhabi airpot, in which he clearly mentions 3 things
1. They got approvals in Bangladesh
2. They are approaching UK government
3. They have made good progress in India and will soon start business here.
Q. Please provide a copy of circular dated 23rd May with respect to SpeakAsia sent to the banks.
Ans. A confidential circular was sent to all the commercial banks regarding SpeakAsia which can not be provided to you.
Q. From which date the accounts of SpeakAsia were stopped from functioning, i.e. were sealed.
Ans. There were no instructions from our (RBI) end to seal the accounts.
View: The RBI never said that the bank accounts must be sealed and it was completely the decision of the banks, which was influenced by the media negative publicity. See how our income was effected by the media campaign against SAOL even without RBI saying so.
Q. The court case 1365/2011 at Hon. Mumbai High Court was disposed off asking RBI to give time to SpeakAsia to listen and understand their business model. Was the time granted for the meeting? If yes, than please provide a copy of the letter issued in this regard. If no, than why?
Ans. As per the orders of Hon High Court on the petition 1365/2011 dated 14th July, 2011, a meeting was arranged with SpeakAsia on 19th September, 2011. SpeakAsia was being represented by few Legal consultants appointed by them. During the meeting they provided information regarding their business model and requested that their company must not be understood as a Multi Level marketing or Money circulation company. In the meeting, SpeakAsia was instructed by RBI that they must follow the FEMA guidelines word to word.
View: The company always sent out the correct information regarding dates and court hearings. SAOL always had the right intentions to do business and same was communicated to RBI requesting them to understand the model. Interestingly, RBI instructed SAOL to follow FEMA guidelines. This makes sure that the business will restart and there are few changes which needs to be made, otherwise why RBI will instruct SAOL to follow FEMA if they dont have to agree with their business model and consider them doing money circulation and money laundering?? Thats the BIG news speakasians!!
Q. If RBI has received any instructions to seal the bank accounts of SpeakAsia, please provide a copy of that.
Ans. No such instructions has been received.
View: RBI never received any instructions from ANY agency, court etc. to seal the accounts. This means that no one except Media is responsible for the closure of the business on which no monitoring body in India raised doubts. Since the case is now in court, we will definitely be back in business soon.
At the end we will request everyone to file such RTIs and see yourself the truth.
There are lot of things going on behind the scene. After a gap, we at want to show two important things which shows why we have faith in SAOL and why we think that the management is fighting tooth and nail.
Firstly, watch the video below in which the CEO of the company Mr.Manoj Kumar is being asked some questions at Abu Dhabi airpot, in which he clearly mentions 3 things
1. They got approvals in Bangladesh
2. They are approaching UK government
3. They have made good progress in India and will soon start business here.
Q. Please provide a copy of circular dated 23rd May with respect to SpeakAsia sent to the banks.
Ans. A confidential circular was sent to all the commercial banks regarding SpeakAsia which can not be provided to you.
Q. From which date the accounts of SpeakAsia were stopped from functioning, i.e. were sealed.
Ans. There were no instructions from our (RBI) end to seal the accounts.
View: The RBI never said that the bank accounts must be sealed and it was completely the decision of the banks, which was influenced by the media negative publicity. See how our income was effected by the media campaign against SAOL even without RBI saying so.
Q. The court case 1365/2011 at Hon. Mumbai High Court was disposed off asking RBI to give time to SpeakAsia to listen and understand their business model. Was the time granted for the meeting? If yes, than please provide a copy of the letter issued in this regard. If no, than why?
Ans. As per the orders of Hon High Court on the petition 1365/2011 dated 14th July, 2011, a meeting was arranged with SpeakAsia on 19th September, 2011. SpeakAsia was being represented by few Legal consultants appointed by them. During the meeting they provided information regarding their business model and requested that their company must not be understood as a Multi Level marketing or Money circulation company. In the meeting, SpeakAsia was instructed by RBI that they must follow the FEMA guidelines word to word.
View: The company always sent out the correct information regarding dates and court hearings. SAOL always had the right intentions to do business and same was communicated to RBI requesting them to understand the model. Interestingly, RBI instructed SAOL to follow FEMA guidelines. This makes sure that the business will restart and there are few changes which needs to be made, otherwise why RBI will instruct SAOL to follow FEMA if they dont have to agree with their business model and consider them doing money circulation and money laundering?? Thats the BIG news speakasians!!
Q. If RBI has received any instructions to seal the bank accounts of SpeakAsia, please provide a copy of that.
Ans. No such instructions has been received.
View: RBI never received any instructions from ANY agency, court etc. to seal the accounts. This means that no one except Media is responsible for the closure of the business on which no monitoring body in India raised doubts. Since the case is now in court, we will definitely be back in business soon.
At the end we will request everyone to file such RTIs and see yourself the truth.
Copy of RTI provided by RBI
