The apex court asked the MLM company to deposit about Rs1,300 crore, the amout payable to investors and concerned authorities
NEW DELHI: The Supreme Court has directed the Singapore-based firm Speak Asia, accused of duping investors to the tune of Rs1,300 crore, to deposit before it the amount payable to investors and concerned authorities, reports PTI.
A bench of justices Dalveer Bhandari and Dipak Verma asked the mediator, appointed by it earlier, to ascertain the exact amount which is payable by Speak Asia to the investors and other authorities and directed the company to deposit the same within two weeks after that.
"We request the learned mediator to ascertain how much amount in fact is due and payable to the petitioners and other authorities.
"We direct the concerned respondents (Speak Asia) to deposit the amount indicated by the learned Mediator with the Secretary General of the Supreme Court within two weeks of the order of the learned Mediator," the bench said.
"All the parties would be at liberty to participate in the proceedings before the learned Mediator," it added.
The bench passed the order on a plea filed by a group of investors of Speak Asia for recovering their money. Around 115 investors, who had put their money in the firm, had filed a petition before the apex court last year.
The court had in October last year asked Speak Asia Online Pvt Ltd and its related company Haren Ventures Pvt Ltd to file an affidavit stating that in case of ascertaining financial liability by the Mediator the same would be paid by them.
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Lower lows on Nifty may lead it level of 5,290
US indices mostly ended in negative on Monday on the concerns that Greece may be unable to avoid the default as it struggles to reach terms on a new bailout package. Asian markets had a weak opening with the Greece's political leaders pushing back their decision for another day on Monday. Back home the indices opened well in the positive. As we mentioned in our closing report of the last two days that a correction is round the corner if the indices are not able to maintain itself above the day’s close. The market reacted today and Nifty may now be seen reaching the level of 5,290 in case if it makes a lower low. The National Stock Exchange saw a volume of 89.91 crore shares. The advance-decline ratio on the NSE was 1217:481.
The Sensex and the Nifty opened at 17,814 and 5,413 respectively. In the morning session itself the indices hit their intra-day highs at 17,832 and 5,413. This was the highest intra day high for Nifty since 4 August 2011. However, after the opening of the European market, the indices lost their strength to hit their intra-day low, lower low as compared to yesterday, at 17,582 and 5,323. The Sensex closed at 17,622, 85 points down (0.48%) while Nifty closed at 5,335, 27 points down (0.49%).
The Asian market closing was a mixed performance. KLSE Composite, NZSE 50, Straits Times, Seoul Composite, Taiwan Weighted ended in positive while Shanghai Composite, Hang Seng, Jakarta Composite, Nikkei 225 ended in red. European indices trading with a hope that a resolution could be found to enable a second bailout deal for Greece. The US futures were trading in red.
The Indian economy is estimated to grow 6.9% in the current fiscal year through March 2012 (FY 2012), sharply slower than the 8.4% expansion reported last year, according to a forecast given by Central Statistical Office today. The new expectation is due to weaker growth in manufacturing and farm output, data from the ministry of statistics and implementation showed. The government expects manufacturing output to grow 3.9% this fiscal year compared with a 7.6% increase a year earlier. Farm output is expected to rise 2.5%, compared with 7% last year. In December 2011, the government had cut its growth projection for FY 2012 to between 7.25% and 7.75% from an initial forecast of 9%.
Among the broader indices, the BSE Mid-cap index fell 0.81% and the BSE Small-cap index fell 0.44%. Nine out of 13 sectoral indices ended in negative. BSE Capital goods index fell 2.29%, followed BSE Realty (fell 2.10%), BSE Power (fell 1.98%), BSE Metal (fell 1.77%), BSE TECk (fell 1.21%). The four indices which ended in positive were BSE Oil & Gas, BSE Consumer durable, BSE Bankex, BSE FMCG had a flat positive ending
Out of Sensex 30 stocks, 8 ended in positive while 22 ended in negative. The top five gainers were RIL (1.44%), ITC (1.38%), ONGC (1.25%), ICICI Bank (0.98%), TCS (rose 0.63%). Bottom five losers were BHEL (4.22%), Tata Steel (3.30%), Mahindra & Mahindra (2.88%), GAIL (2.70%) and DLF (2.66%)
Among the big losers was Manappuram Finance which said that its board will meet on February 10 to discuss a Reserve Bank of India (RBI) notice that prohibited it from accepting or renewing deposits from the public. They will also discuss measures to improve its corporate governance at the meeting. Acceptance of deposits by Manappuram Finance or by Manappuram Agro Farms is punishable with imprisonment, the RBI said in a notice. The lender clarified on Tuesday it did not accept any public deposits but was accepting investments through secured non-convertible debentures and subordinate bonds which do not fall under "public deposits”. The stock fell 19.96% to close at Rs45.50 on the BSE