Good Morning Speakasians,
The AISPA writ (WP (cr) 3611/2011) was heard by the Hon’ble Divisional bench of the Mumbai High Court yesterday. As you all are aware that the Ad interim relief prayed for in this Writ is that the investigation by the EOW especially against the panelists should be kept in abeyance till the final disposal of the Mediation Process being undertaken by the Hon. Mr. R.C.Lahotiji.
The EOW informed the Hon’ble High Court that the Hon. Supreme Court had passed an order yesterday i.e. 23rd February, 2012, that the investigation by the EOW can continue. We have seen the Supreme Court order and the order is abundantly clear that yesterdays matter before the Hon’ble Supreme Court was simply for seeking permission from the court to park the US$ 10 Million deposited with the Registry of the Supreme Court in a Fixed Deposit so that the amount could earn interest while the matter is being decided. The EOW matter was not even discussed forget getting such an order as mentioned by the PP in the High court.
This is how the EOW and the Public Prosecutor have been trying to delay the process and now they have stooped to the levels of misinforming the courts. The Court on hearing this has asked the EOW to place on record, yesterday’s order of the Supreme Court. I shudder to think how the Public Prosecutor is going to substantiate his claims.
The respondent No 3 Mr. Navneet Khosla once again tried to explain the SAOL matter to the Hon’ble court in his own biased way to which our Sr. Counsel Mr. P.S. Patwalia remarked that there are two kinds of people in this world one who will always have problems and complaints and the other who will try and find solutions, Mr. Patwalia indicated that Mr. Navneet Khosla clearly falls in the first category. Mr. Patwalia went on to bring to the attention of the Hon’ble Court through various orders of the Hon’ble Supreme Court and the reports of the Hon’ble Mediator Mr. R.C.Lahotiji, how the Hon’ble Supreme Court has taken a holistic view of the entire matter as this pertains to a huge mass of people and the Hon’ble Supreme Court was interested in resolving this dispute expeditiously and not let it go through the rigors of a lengthy legal process and as such was pleased to order a mediation in the matter.
Mr. Patwalia informed the Court and brought to its notice that it seems that the Respondent No. 3 Navneet Khosla seems to be more interested in arm twisting rather than in his money, if he was really interested in his money then he should opt for the EXIT OPTION and peacefully EXIT but on the contrary the respondent has preferred to file a complaint before the Metropolitan Magistrate Court for damages and has claimed a sum of over 35 lakhs from the Company.
This clearly shows the Respondents true intent and character. Mr. Navneet Khosla has misunderstood the resolve of the Company; the company has abundantly made it clear that it will not bow down to any kind of arm twisting or blackmail by any individual or any authority. SAOL has implicit trust and faith in the Indian judiciary and is willing to stand up for its right and will defend itself under proper legal process and it has clearly shown by now that its resolve is unflinching.
During the course of the hearing Hon. Mr. Justice V. M. Kanade informed the Respondent Mr. Navneet Khosla how he has experienced as a judge, that such matters linger on for long periods and even when the property is seized and bank accounts frozen, in the final analysis the investor does not get their monies any time soon. The Hon. Judge was of the opinion that this could be the reason for the Hon. Supreme Court to have taken this view of appointing the mediation so that a quick resolve could be reached and the monies of all the investors could be secured and paid off expeditiously.
There is a rumor doing the rounds on the internet that the CBDT (Income Tax) has claimed an outstanding of around 115 crores from the company. As far as we know, there is no tax liability of the company. Even if such a claim has been raised, how does it affect us as panelists, I am sure the company knows its business and they would surely have factored all such eventualities in their fund flows. If the dues as claimed by CBDT are in fact enforceable, I am sure the company will not shy away from paying up, on the other hand if the dues are not substantiated the company will contest the same.
As far as my understanding goes and the same is abundantly clear that there is enough money laying on the shores of the country with the company to satisfy the entire liability of the panelists seeking the EXIT OPTION and to satisfy all the government dues if any.
As panelists our agenda is clear and very much focused and that is that the business should start immediately and the EXIT OPTION should be implemented without any further delay.
Speakasians, I wish to share with you that your association has yesterday filed a fresh WRIT against the EOW. This new AISPA writ is for protection of our fundamental right to form and manage the association whose primary objective is to protect and safeguard the interest of all the panelists.
It is our fundamental right to form and manage an association and this is guaranteed to us u/s 19(1) (c) of the Constitution of India. The last couple of times that our president Mr. Melwyn Crasto has appeared before the Investigating Officer all the investigations have been on the functioning of AISPA and on the creation of our website aispa.co.in. Even the notices sent to me u/s 160 have all focused on the investigation about AISPA and the website aispa.co.in. All my Statements to the EOW clearly show and point towards the line of questioning being towards the association.
As the association is in no way concerned with the functioning and or with the affairs of the company and neither has the association been named in any case, there is no case for the investigation to be pointed at the association.
For the last nine months we all have been subjected to various motivated and malicious campaigns by our unknown enemy. Such is the power and reach of this powerful adversary that he has managed to influence the state machinery against us. Unfortunately for the architect of this devious plan he had not factored in the resolve and support of the panelists and this has been the proverbial “Achilles heel” for his otherwise deadly plan, to kill in its infancy a revolutionary business model which is way ahead of its time and has the potential to be the agent of changing the lives of lakhs of Indians. The architect failed to see the backing the panelists would provide to the company and stand united behind the company for such a long period of time.
“Justice delayed, is justice denied” -William Gladstone
We all have read the above quotation on many occasions but probably for the first time have actually felt the real meaning.
We have to hold our collective patience for some more time. Like Mr. Manoj Kumarji says we are not going anywhere except forward. I can sense the forward movement and you also please see that in every matter we always move forward, is that not a victory and a positive in our favor.
Have patience, have faith, trust your company.
Morya… Bhai Morya.
Proud to be Speakasian
Jai Speakasia,
Jai Speakasia,
Jai Speakasia.
Ashok Bahirwani
Secretary
AISPA
