Singapore-based Speak Asia incorporated last year and promoted by Hariender Kaur, so far has operations only in India and plans to invest $21 million for its expansion, Speak Asia India CEO Manoj Kumar said
New Delhi: The controversial multi-level marketing company Speak Asia today refused to divulge the names of companies from which it earns revenue by conducting surveys even as it unveiled plans for expanding operations in India, reports PTI.
"We have been doing commissioned reports. However, it would not be possible to share names of the company due to non-disclosure agreement with clients," Speak Asia India CEO Manoj Kumar said.
When pressed further, he said, the company has done surveys for a Singapore-based firm Yug.
Besides commissioned reports, the company conducts internal surveys and questionnaire-based surveys, he said, adding, the company would do survey for Indian companies after it gets registered in India.
Speak Asia, which is yet to be incorporated as a company in India, claims that it has 19 lakh members or panellists in the country.
Singapore-based Speak Asia incorporated last year, promoted by Hariender Kaur, so far has got operations only in India and plans to invest $21 million for its expansion, he told reporters here.
The company plans to set up three subsidiaries mainly for content development, survey and marketing in India by the end of August, he added.
The company is in the process of seeking approval from Registrar of Companies, Reserve Bank of India and Foreign Investment Promotion Board, he said.
The company charges a membership fee is Rs11,000 for a year. It allows its members to conduct some surveys online for the firm.
Members are paid for conducting the surveys. The company said that it pays Rs500 for every survey to its member.
After controversy erupted last month about the company's operation, an investor protection group filed a public interest litigation (PIL) in Bombay High Court. The court issued summons to five top officials of Speak Asia.
The Singapore-based United Overseas Bank last month had closed bank accounts of the Speak Asia.
While no EGoM on fuel price was scheduled for 9th June, even the ministerial panel on deciding users of natural gas produced from fields like Reliance Industries' eastern offshore KG-D6 was cancelled
New Delhi: Belying expectations, a meeting of a panel of ministers headed by finance minister Pranab Mukherjee to decide on raising diesel, domestic LPG and kerosene rates has not yet been scheduled, reports PTI.
The Empowered Group of Ministers (EGoM) on fuel prices was previously said to meet on 9th June but no such meeting has been scheduled for tomorrow, an official said here today.
"A top official of the oil ministry had on 26th May briefed reporters about the impending EGoM meeting taking place on 9th June. But the official perhaps may have mixed up issues as a separate EGoM on natural gas allocation was the one that was scheduled for 9th June," he said.
While no EGoM on fuel price was scheduled for 9th June, even the ministerial panel on deciding users of natural gas produced from fields like Reliance Industries' eastern offshore KG-D6 was cancelled.
Oil minister S Jaipal Reddy is pushing for a hike in diesel, domestic LPG and kerosene rates to cover for rise in crude oil cost. A decision on the issue can be taken only by the EGoM which has representation from all key allies of the ruling United Progressive Alliance (UPA).
The official said Mamata Banerjee was part of the EGoM but she has since relinquished her railway portfolio in the central government for chief ministership of West Bengal. Her replacement on the EGoM is yet to be announced.
State-owned oil firms had last month hiked petrol price by a steep Rs5 per litre and the oil ministry was pushing for a Rs4 per litre increase in diesel and at least Rs20-Rs25 per 14.2-kg cylinder hike in domestic cooking gas (LPG) rates.
Kerosene price hike too was on the cards.
EGoM on fuel price was originally scheduled to meet on 11th May, a day after elections in West Bengal ended but the panel meeting was postponed.
"Public sector oil companies are losing close to Rs465 crore per day on selling diesel, domestic LPG and kerosene at government controlled rates. We cannot continue with this for long," an oil ministry official said.
Oil companies are losing Rs14.22 on sale of every litre of diesel at current price of Rs37.75 per litre in Delhi.
Besides, state oil firms lose Rs27.47 a litre on kerosene and Rs381.14 per 14.2-kg domestic LPG cylinder.
The rates of the three products were last hiked in June 2010 when crude was ruling at $72 per barrel. The basket of crude oil India buys averaged $110 a barrel this month.
The government had on 25th June hiked prices of diesel by Rs2 a litre, LPG by Rs35 a cylinder and the poor man's cooking fuel kerosene by Rs3 a litre. This hike was only a fraction of the desired increase to bring domestic price on par with international rates.
Non-receipt of equity shares, corporate benefits and entitlements tops list of complaints
The Bombay Stock Exchange (BSE) has resolved 222 investor complaints in May 2011. These complaints were against 144 companies listed on the exchange, the BSE stated today.
While some of these complaints were from previous periods, the BSE received 216 fresh complaints against 159 companies during the month.
The type of complaints received by the BSE range from non-receipt of money, equity shares, debt securities, corporate benefits and entitlements, or interest on delayed payments to non-adherence of corporate governance.
The maximum number of complaints concerned non-receipt of equity shares and 102 such matters were resolved in May, the BSE stated. Issues over corporate benefits and entitlements were the next big lot and 73 cases were resolved in this category.
The company that tops the list with the maximum number of complaints pending against it as of 31 May is Vatsa Corporation, with a total number of 1,060 complaints. There are 59 complaints pending against Arihant Industries, 55 against Montari Industries and 52 cases against Enkay Texfoods.
Some of the other companies on the list are Eastern Mining and Allied Limited, Montari Leather, Mukerian Papers, Pentafour Products, Padmini Technologies and Lan Eseda Industries.
A total of 1,437 complaints are pending against various companies on the BSE as of the end of May and the stock exchange has suspended trading in the securities of these companies.