Citizens' Issues
Speak Asia loses its PR agency as well

After one of its legal advisors reportedly quit, Speak Asia's PR agency LinOpinion, has also decided to stay away from the controversial MLM company

Speak Asia, the controversial online survey company, is facing rough weather these days. Following reports about senior advocate Ashok Saraogi quitting as one of its legal advisors, here comes other news. LinOpinion Public Relations, a division of Lowe Lintas group is no longer handling the Speak Asia account.

Lowe Lintas, one of India's top communication groups is a unit of Interpublic Group (IPG), and is part of the Lowe Worldwide network. The PR agency had won the full service business for Speak Asia online just three months ago.

Last month, several banks froze accounts of Speak Asia's distributors...sorry, technically, they all are distributors of Haren Ventures Pte Ltd, while Singapore-based United Overseas Bank closed accounts of Speak Asia online Pte Ltd. Following this, the MLM company has stopped paying its agents and accepting cash transfer requests as well, according to some panellists who do not want to reveal their names. They said the company continued sending some surveys and deposited reward points in the agent's e-wallet on its website. But the reward points cannot be encashed, unless the company accounts are unfrozen. Nevertheless, by its own admission, Speak Asia's chief executive Harender Kaur said in an e-mail to agents that the process to open an account in another bank in Singapore would take six to eight weeks and it could not pay money to anyone till that time.

The multi-level marketing (MLM) company that used to claim and advertise as "Asia's largest Online Survey Company" has changed its mind and tagline, and now describes itself on its website as "Asia's Largest Community of Sovereign Consumers".

Speak Asia also appears to be communicating with its panellists through the Moneylife website in the guise of a member. An email posted as a comment says,
"Few figures for you which shows how SPEAK ASIA is taking care of us:
Present Balance in UOB a/c of SA: 482 million dollars
(Sufficient funds to pay survey income to all the existing panelist for the next two years)
Now company has to withdraw funds from UOB as per the decision of UOB bank (Not abide by RBI, Govt. of India or Singapore its UOB's own decision as they are confused b'coz of media).
So company is taking following decision:
Escrow a/c*: 200 million dollars
a/c with new bank: 300 million dollars
But to process the pending request it will take some time so the company is trying to establish a temporary arrangement on priority basis for the newly associated 4 lakh panelists so that they don't get panic.
For SA upcoming ambitious project i.e. e-shoppe SA is already having 10 million dollars in advance from different prestigious brands.
Another fantastic news any time in the coming months SA in association with a UK based company can go for a 2G spectrum licence and launch our own Mobile network.
In context to ad based survey SA has already captured approx. 10% of the market share from advertisement in the TV channels all over India.
From Monday onwards their will be SMS blast by company to make us aware about new updates and news.
We had made a claim of Rs.3320.00 crores to all those who tried to defame us.
All staff of company will not withdraw their 2 month salary to support company at this crucial time.
2ND june 2011 talkatora stadium delhi booked for 2 seasons meeting of ticket 200/- only. (morning & evening 4000 speak asians each seasons) for tickets call priyal sir & myself.
(Three cheers for them)
Its really a good news to cheer.


Moneylife emailed it to top officials who gave us their visiting cards at the press conference on 16 May 2011. However, our messages sent, especially to Manoj Kumar, the company chief executive for India, bounced. Our mails to Mr Kumar have bounced many times in the past as well.

This (the bounced mails) further reveals, that the so-called biggest survey company, with over 19 lakh agents, does not even have its own e-mail server. Instead, all its officials use a paid e-mail service from Rediffmail Pro that is available for as low as Rs1,199 a year for five e-mail IDs.

Last month, advocate Saraogi called a press conference in Mumbai, barely after five days after Speak Asia's first media interface. Speaking at the press conference, Mr Saraogi said, "The company (Speak Asia) is not selling any surveys to panellists, but e-zines to its subscribers. Surveys are offered as additional benefit and can be withdrawn any time if the company's contract with clients comes to an end."

The senior lawyer also claimed that Speak Asia is selling its magazine over the Internet, which is allowed under the existing law in India and the company is in the publications business. Although Mr Saraogi said that he was a legal advisor for Speak Asia, not a single official from the company was present at the press conference.

We learn from our investigations and Speak Asia officials have also confirmed that the company is not registered in India and does not have any establishment or office in the country.

According to a PTI report, the Ministry of Corporate Affairs (MCA) said it could not investigate the Singapore-based multi-level marketing (MLM) company as it is not registered in India. "Speak Asia is not registered in India so we cannot do any investigation against it. MCA does not have any database of the company," corporate affairs secretary DK Mittal told reporters in New Delhi. He also said that Speak Asia has not applied for registration with the ministry, PTI reported.

However, on Wednesday, Manoj Kumar, Speak Asia's chief executive, told reporters in Delhi that the company is in the process of seeking approval from the Registrar of Companies, the Reserve Bank of India and the Foreign Investment Promotion Board. This is in contrast with the company's stand throughout past several months that it does not require any kind of permission, registration or licence from any Indian authority.

Since the company does not have any office in India, it is difficult to start proceedings against it, in case somebody wants to file a case. It becomes difficult to file a case in any police station as the company does not have any address in India and hence the police might refuse to lodge a complaint. According to Mr Saraogi, in such cases one can file a case from whatever location he or she is present and has accessed the website. Police can register a complaint based on the IP address location, he said.


You may also want to read… 

User

COMMENTS

JM MOHAN

5 years ago

I want to know about BIZARRE 's future

Murugan

5 years ago

Dear Editor,
Do you think if you stop speak asia everything will be cleared, no way my dear - you have to do so much of work to stop that, my question is why you are targetting only speak asia alone, what is the reason? many hundereds of company doing business in india as speak asia does and you know many companies who have got registration from india both under MCA and ROC operating in india and cheating pupil daily, i'm talking about all fake companies which is opening only with an intention of closing one day, even that closing day also fixed by that company - you pupil are not targetting those companies, instead of trying to close speak asia you just ask the govt. or pressurize govt. to put a full stop for all these kind of companies by passing a resolution or guidelines under the law, that will be the wise and valid point, if you choose to stop speak asia fisrt, surley it will be very easy for the govt. to take step against a particular company and stop the operations but what is the use, still hundereds and thousands of companies will continue their operations, if you still choose the way of doing your activities against speak asia it'll be confirmed that you are trying to act against speak asia alone with some other intention like getting money from someone and acting against it, i can send you many names of the companies operating in india in the name of survey and investment daily cheating number of people in india, mainly operates purely on the basis of chits and money circulation which has to be booked under chits and money circulation act of 1978 and send everyone to jail, many companies are doing money circulation in the name of products which they hold for name sake or just eye-wash with state and central govt. support, BJP & congress both supports them all, don't join with any political party and do this work, it seems that you have joined hands with BJP and acting against a specific company which believe to have congress support, you are just telling yourself for name sake as a non-profitable organization, but only it will be proved only if you stop raising your voice agaainst one company and start acting against all companies by asking govt. to set up a new rule or guidelines and pass them in next parliamentary resolution. That will make an end to all fraudulent businesses in our country! I know clearly if BJP is raising their voice against Speak Asia means it will be for the only intention to get money from that company which can be used for election purposes, it has happened many times before with many parties, it is not with a good intention, that Kirit Soumya and many others from BJP are number one 'chors', i'm not supporting any company, any party and also your work too, i'm just askingyou to act correctly and being a non-profitable organization don't sell yourself to cheap politicians by getting support from them (in the way of money) "money life"!

Murugan

5 years ago

Dear Editor,

For your Kind Attention, a company called NMart Retails, Mr. Gopal Shekawat, Managing Director Of NMart Retails, who is known to be a close relative of Pratiba Patil, our President and also known to have close connections with BJP political party candidates & good influence in many states like Gujarat is involving in pure Money Circulation Scheme and giving its Advertisements in TV's like Star News, Aaj Tak and some other different channels - the same channels which started to raise its voice against Speak Asia for sometime and then kept quite, They are collecting Rs. 5,500/- and gives voucher for all its distributors by which they can purchase products worth of Rs. 220/- monthly and get Rs. 11,000/- after 48 months, as usual binary plan from which by catching people to join the business they will be paid commission! They want to send out Speak Asia and they want to do the job of Speak Asia's consumer core business in India since they are an Indian Company; openly that MD of of that company has told that he has taken steps to send Speak Asia out of the country and moreover adds he is having support of politicians as well as media persons, if you are not raising your voice against that company and arresting that guy it'll be proved that you also support him in-directly!

Requesting you to take action against NMart Retails, which is telling that media like you are also supporting them in-directly!

Take Action against them and prove them wrong by arresting that MD of that company Mr. Gopal Shekawat!

Mukesh Parikh

5 years ago

Speakasia Website under Purchase Subscription option;
If you select any other countries except India...you will find only one address of Franchise :
71 Bukit Batok Crescent,
Prestige Centre, Singapore 658071
It clearly means this schemes are only made for Indians.
Recently when in Australia POK not shown in Indian Map. Indian origin Australian protested and got apology from Australian Govt.
BUT
on SA website when you select Pakistan, you get "AZAD KASHMIR".
Can't Indian govt. block this website for playing with soverignity of Country.

mukesh parikh

5 years ago

Attn: CEOs of Banks
When for opening SB A/c of a common man questions/"interrogation" by Bank officials about KYC are also asked to following entites while opening their a/c.s

Speak Asia Associates Bank A/cs.
1 GROW RICH ASSOCIATES Mumbai HDFC Bank ING Vysya Bank
2 SS BPO Services Ltd Mumbai HDFC Bank SBI
3 BRAMHANATH ENTERPRISES Mumabi GPPPJ Sah Bank
4 M/s. R. K. Investments Nashik ICICI Bank
5 BRAMHANAAD ENTERPRISES Pune ICICI Bank
6 BALAJI ASSOCIATES NAGPUR SBI
7 IQRA Infotech MUMBAI IDBI Bank
8 Permal Reddiar Vashi Abhyudaya Bank
9 Gallop New Media Inc. Pune ICICI Bank
10 ABN Research Online Mumbai SBI
11 Star Enterprises Navi Mumbai ING Vysya Bank
12 Biomile Marketing Pvt. Ltd. Dahanu HDFC Bank
13 NIVI INTERNATIONAL Mumbai HDFC Bank SBI
14 Universal Enterprises Mumbai Indusind Bank
15 SHREERAM INFOTECH Mumbai SBI
16 Money Ocean Financial Solutions Mumbai ICICI Bank IDBI Bank
17 SPEAK MUMBAI Mumbai ICICI Bank Axis Bank . DCB
18 BTC WORLD Mumbai ICICI Bank ING Vysya Bank
19 RISHIKESH INVESTMENTS AMRAVATI Bank of Baroda
20 POMP & GLORY ENTERPRISES SANPADA NAVIMUMBAI Federal Bank

Saikat Majumder

5 years ago

Hello, Mr. Editor U are very much Jealous of the Upcoming of SPEAKASIA. Thus trying to misrepresent SAOL,s Name & Fame. Be Care full to Comment Foul talking and Appear with Full Proof. We R "PROUD TO BE SPEAKASIAN".

govindan

5 years ago

MLM RACKET

Police raids and sealed p.i. marketing office. [www.pentaworldindia.biz].

REPLY

govindan

In Reply to govindan 5 years ago

An I S O 9001 - 2008 CERTIFIED COMPANY !!

govindan

5 years ago

JUNE 16,2011

News channels report that

Kerala Police alleges irregularities by HSBC Bank in Tycoon MLM racket case. Police will be taking action against all the banks involved in Tycoon scam

govindan

5 years ago

MLM Fraud

RMP office raided

Police raided RMPs' thrissur office and sealed.

govindan

5 years ago

NANO EXCEL MLM DIRECTOR ARRESTED

Bangalore:

NANO EXCEL Director Mr. Patrcik Thomas is in Jail.

He was arrested by Ulsoor Police and was remanded to Custody by the court.

govindan

5 years ago


Criminal complaint against NANO EXCEL MLM

Kerala : Thrissur (west) police register case against Managing Director Harishbau maddineni, his wife Meera Harish and their relative Chinna Rao

638 investors of Thrissur filed criminal complaint directly with the inspector general of police (Ms. Sanhdya IPS, IG Thrissur Range) against NANO EXCEL

1033 investors filed criminal complaints against NANO EXCEL in various police stations in Thrissur



govindan

5 years ago

Breaking News

POLICE RAIDS P A C L OFFICE IN CALICUT (www.paclindia.in)

[The PACL is known with its brand name " Pearls". PACL India claims they have ISO CERTIFICAION ISO-9001:2008 & ISO 14001:2004]

REPLY

govindan

In Reply to govindan 5 years ago

Latest reports suggest that this company had fooled the people of Andhra, closed their office and shifted to Kerala. According to reports, every year this Company (Oh Lord …. ISO ACCREDITED) changes the name and starts a new company.

THE WYNAD POLICE IS INVESTIGATING THE CASE.

govindan

5 years ago

MLM Rackets cannot hold meetings in Hotels, Resorts, convention Centers

Newspaper Report June 13, 2011

Police warns Hotels, Resorts and Convention centers against allowing money chain companies to hold meetings in their premises. If anyone found flouting the said order, they will be booked under Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

govindan

5 years ago

MLM RACKET

BIZARRE FRAUD

TYCOON FRAUD

link: Manoramanews

http://www.manoramanews.com/cgi-bin/MMOn...

kulbir singh

5 years ago

I think now a days one should know about the owner of the media and than decide to go through their articles.After what has happened with speakasia i have lost thrust in media. star tv is owning star panel that's why it is against a strong speakasia.i want to know what moneylife, rediff and some other media sources who are giving only subjective information are owning.i want to know who are the people who are owning them?so that i can guess what sort of business rivalry the con have with speakasia.these people have declared speakasia a pongi fraud company.i want to know on what basis the passed this verdict.who give them the power to give this totally subjective verdict.JUST DO YOUR PRIMARY JOB.and THAT IS TO PROVIDE OBJECTIVE INFORMATION and let your readers have there own opinion

REPLY

Saikat Majumder

In Reply to kulbir singh 5 years ago

Well Said Mr. Kulbir. I think they all doing these activities of their "Ext ream Jealousy".

Sanjeev Khanna

In Reply to kulbir singh 5 years ago

Well said, kulbir

India’s Picasso leaves behind a precious legacy

MF Husain, India’s most prolific and controversial artist, leaves behind a great body of work whose value will jump manifold with his passing away

The nation and the art world are yet to come to terms with the death of India's most prolific and controversial artist, MF Husain. One of the best-selling Indian artists, Husain proved that Indian art could command the same prestige and value as that by Western contemporaries. Dedicated Husain collectors will mourn the passing away of a legend, but his works are doubly precious now.

"Husain's paintings always commanded substantial value, but now, when no new paintings will be added to the collection, the paintings will be more valuable. Not only are his paintings great works of art, but they are a sound investment," said Rajan Jayakar, eminent collector and advocate.

Husain was one of the few painters who churned out works at a rapid pace; yet the volume never diminished the value of his creations. It is no mean achievement that the man, who painted film hoardings for a livelihood early on in life, was described by none other than Forbes magazine as the "Pablo Picasso of India".

His platinum locks, sage-like looks and the brush that he carried always like a king's sceptre, increased the enigma. His aura and his bold, sharp, cubism-inspired style added value to his works and cemented his position as one of the stalwarts in India's artistic canon.

People who own Husain's works may now be left with something that is more precious. Apart from private collectors, many industrial houses like the Tatas, Godrej and Birla Academy in Kolkata are home to a number of his creations.

Husain used to gift away a lot of paintings to his friends. Amitabh Bachchan tweeted that Husain had painted two works for him personally, one of them during the filming of Coolie, when Bachchan was hospitalised. Celebrities like Shobhaa De and Pritish Nandy own quite a few of his creations.

While some people may be apprehensive about the value of controversial paintings, Mr Jayakar thinks these paintings will emerge as the most valuable ones. "Art is like movies, more controversy means more money. But, more importantly, rarer pieces are more precious," he said. "The controversial paintings are few in number, and so their value will appreciate far more than his other creations."

"The more precious a thing is, the more the reluctance to part with it," said Udit Chaudhuri, art connoisseur and son of famous sculptor Sankho Chaudhuri. "I don't think there will be an immediate jump which we see in share markets when something happens. The value of art depends on demand, but with Husain, we can expect substantial appreciation." A prominent art dealer estimated that it is possible that his paintings may appreciate as much as two and a half times in value after his death.

Union minister for corporate affairs Murli Deora was one of Husain's close friends, and owns many of his paintings. Surprisingly, despite the value of these works (even prior to the artist's death), Mr Deora has declared that his assets are worth only Rs62 lakh!

Husain's approach was completely different from the dominant Bengali school, but it established a place for Indian art in the international canvas. The painting 'Battle of Ganga and Yamuna: Mahabharata 12' created a record in 2008, when it sold for $1.6 million at an auction. Recently, three of his paintings were auctioned at Rs2.32 crore, and an unnamed oil painting was priced at Rs1.23 crore.

Along the way, Husain won accolades and collected several national and international awards, including the Padma Shree and a Golden Bear at the Berlin Film Festival for his 1967 film Through the Eyes of a Painter. He went on to direct two more Hindi films, and painted actresses like Amrita Rao, Anushka Sharma and most famously, Madhuri Dixit.

Yet, his nude paintings of Hindu Godesses resulted in a saffron uproar, and he went on a self-imposed exile. He got citizenship in Qatar, and frequented London. He often expressed his longing to come back, and declared his faith in Indian democracy, while emphasising that he had "never betrayed India".

User

COMMENTS

SA

5 years ago

Mr. R Nandakumar,
I would like to know as to how many diamonds/art works do you own Mister? If not, do you really think you have the intellect to comment on art and that too on the most influential personality of Indian art till present? Also, If this is just one of some fake comments posted by 'MoneyLife' to generate traffic, please delete this.

REPLY

RNandakumar

In Reply to SA 5 years ago

You are unable to understand the difference between analogy and the real. If MFH had the liberty to express whichever way he likes in the name of art then every one has the right to comment on his paintings. I also know the snob value of art. If you want proof see one of Bean's episode. Atleast I know how to respect other's religious feelings. Please do not belittle the services of Moneylife which many of us respect and cherish.

SA

In Reply to RNandakumar 5 years ago

Surely no understanding of art. Thank you Mr. Nandakumar and Mr. Roop Singh. I guess, i just wasted my time here.

Roopsingh

In Reply to SA 5 years ago

Art ki baat tel lene gayi-art is for few people and the art does not mean insulting some one and that too religious feelings-if MF Hussain was so fond of painting naked women he should have painted naked paiting of his real mother and then he should be awarded the highest award in paintings in the entire world

SA

5 years ago

You certainly seem like an uneducated fellow with absolutely no sense of art! Please do not use public platforms to comment on topics you have little knowledge of.

Roopsingh

5 years ago

sceudo secularist have tried to call this rasacal as Picasso who had no respect for majority of people where he was born and respected for his work in early part of his carrear-but later he showed his ugly face of disrespect to Hindu religion for popularising himself with his paintings.He was threatened to stay out of india for his dirty work and he died outside india-a punishment he DESERVED.

RNandakumar

5 years ago

Hussain's painting might be valuable to others but for Hindu's whose faith has been disturbed by his insultative paintings of Hindu Gods would be only an object of great disdain. His secularism did not allow him either Mohamed or Christ. Even if a precious diamond is offered no one with self respect would acept it if it is offered as an insult.

ujjwal

5 years ago

whn we lost one thn only we realize the value of thr presence... Bloody human nature...

Hemant

5 years ago

Now Hindu God/Godesses can breth easily.

IRDA notifies M&A guidelines for general insurers

Following the notification, general insurers would now have to file the draft agreement of the proposed merger with IRDA and also the respective balance sheet while seeking approval from the regulator

New Delhi: The Insurance Regulatory Authority of India (IRDA) has notified the merger and acquisition (M&A) guidelines for general insurance companies thereby paving way for consolidation in the sector, reports PTI.

The regulation-Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011-would apply to all private general insurance companies with immediate effect.

With more than 10 years after opening up of the insurance sector, the regulations would pave way for M&As between 20 private sector players, most of who have foreign investment that is capped at 26%.

Following this, the general insurers would now have to file the draft agreement of the proposed merger with IRDA and also the respective balance sheet while seeking approval from the regulator.

The regulator has retained with itself the power to vet the valuations arrived at by the companies involved in M&As, saying that the authority would carry out an independent valuation of the insurance business of the transacting parties to arrive at the valuation.

In order to safeguard policyholders' interest, IRDA has mandated the insurers to inform their respective customers about the deal, it said.

Besides IRDA, an acquirer would need to have approvals from the Reserve Bank of India and the finance ministry, in case it has foreign direct investment. It also needs to have clearance of the Securities and Exchange Board of India (SEBI) and the Competition Commission of India (CCI).

According to industry players, most of the private sector general insurance companies require fresh infusion of capital which may come from foreign partners, who have been constrained by the FDI cap. The Bill to raise the FDI ceiling is pending in Parliament.

The general insurance business has remained loss making for want of capital, which is constrained due cap on foreign capital infusion.

Till now, the Insurance Act provided for the M&As only for life insurance companies.

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