The Reserve Bank of India (RBI) is investigating the operations of the online survey company, which was promising Rs1000 a week for just filing online surveys. The investigation would mainly look into financial irregularities, money collection and remittances abroad. Meanwhile, other pyramid schemes are also making headlines with regularity.
Recently, the Prime Minister’s Office (PMO) forwarded the complaints filed by Kirit Somaiya, former member of parliament (MP) and national secretary of the Bhartiya Janata Party (BJP) along with the complaints of party MPs Prakash Javdekar and Hansraj Ahir, to the home secretary, finance secretary and ministry of corporate affairs (MCA). In a release, Mr Somaiya said the MCA and the Securities and Exchange Board of India (SEBI) have intimated him that they have started an inquiry and investigation into the functioning of Speak Asia.
Moneylife and its affiliate Moneylife Foundation, a not-for-profit organisation which promotes financial literacy, had sent a representation, dated 17 May 2011, to the prime minister, urging him to completely ban MLM companies in India or to bring them under the regulation of either the RBI or SEBI. We also requested urgent intervention to investigate Speak Asia for the ambiguities prevailing over its business model and source of funding.
Moneylife columnist Veeresh Malik also filed a Right to Information (RTI) query on 14th June with the PMO, seeking to know the action taken on the representation sent by Moneylife.
The ministry of corporate affairs had earlier said that it would not take any action against the survey company. “Speak Asia is not registered in India so we cannot initiate any investigation against it. MCA does not have any database of the company,” corporate affairs secretary DK Mittal had told media persons.
Experts point out that since the PMO has also forwarded the complaints to the ministry of corporate affairs, it remains to be seen what action the ministry will take, as they had earlier shown their inability to initiate any investigation
[Via -ratevin]
HI. READERS
THIS IS TO BRING INTO NOTICE STRONGLY THAT SPEAK ASIA IS FAIR AND FAITHFUL COMPANY. THEY ARE AUTHENTIC AND ETHICAL IN DOING BUSINESS. SO FAR THERE IS NO GENUINE COMPLAIN AGAINST THEM. ITS ALL IS PLOTTED CONSPIRACY AGAINST THEM BY FEW AGENCY. I ON MY PERSONAL BEHALF, URGE TO ALL THOSE AGENCIES AND CIVIL AUTHORITIES TO INSPECT THE CO. WITH PROPER KNOWLEDGE AS THEY ENHANCE THE EMPLOYMENT AND SUPPORTED TO FACE INFLATION CHALLENGES TO AN INDIVIDUAL WHERE OUR GOVERNMENT FAILED TO DO SINCE 65 YRS. SHAME, AND THANKS TO SPEAK ASIA. MANY ILLIEAGAL BUSINESS ARE RUNNING THEY ARE NOT SPOTTED BY ANY ONE BUT THE COMPANY CAME OPENLY AND BOLDLY IN MARKET TO EXPLORE A NEW WAY OF MAKING PEOPLE EDUCATED ABOUT MARKETING PRODUCTS AND EARNING. ITS MAKES STOMACH PAIN TO MANY BUT FEW SELFISH IDIOT, WHO NEVER DID ANYTHING TO NATION OR FOR HUMAN. LETS NOT TALK ABOUT SUCH NEGATIVE BUT ITS NOT FINAL CO. MANY MORE WILL COME BUT DUE TO AGENCIES AND GOVERNMENT PUBLIC WILL NOT LOOSE ONLY THE MONEY BUT A GREAT HOPE OF BRIGHT FUTURE WHICH CAN NOT BE LEVEL UP BY THE GOVERNMENT ALSO. ANY WAY I LEAVE IT FOR U TO DECIDE. BUT I DECLARE ITS GENUINE.
CIRCULATION AND CHIT FUND COMPANIES ARE THOSE WHO PROMISE FOR EFFORTLESS RETURNS OR BYCHANCE RETURNS, BUT SPEAK ASIA IS ENTIRELY EFFORT INVOLVE BUSINESS. I DONT UNDERSTAND HOW FEW OFFICIAL SAY LIKE THIS, COME ON DOG EVEN BARKS WHEN ITS REQUIRED. BUT U HAVE NO CADER,,,,,