Updates 17/10/2011

the events in supreme court happens as follows:

1. The Panelists PIL in supreme court said the first point that all the accounts those are siezed by AP CID, be transfered under Ho'ble Supreme court of india....which our Hon'ble judge agreed and ordered for the same.

2. Panelists PIL asked for the commetee to me made headed by retired Supreme court judge for desbusement of funds to panelists, and... Supreme court agreed for that too. and formed a commetee headed by retd Judge Justice Lahoti. along with EOW and Income tax to look after the issue of disbursement of funds

3. SAOL said to Hon'ble Court that Site and data base is under EOW, so, Honable court has ordered SCI to submit report to SCI about site in 2 weeks and return site to the SAOL in two weeks.

4. Next hearing is on 20th october, its regarding SAOL way to deburse funds to panelists.

we are heading towards victory..!!

SPEAKASIA WELL PREPARED TO HEAR GOOD NEWS ON MONDAY

First of all i would like draw your attention about the most awaited hearing of supreme court .Which is expected to be happen at 17 October .There are many question that comes in the minds of every speakasian what will happen on that day will spekasian get another day for waiting .As all of us are waiting for last few weeks a day of hearing come and went away due to some suspicious activities .Like sometimes judge get transferred and sometime judge were not able to present in court. All these thing just which have had happen in the past had let some worry about what will happen at 17 October will speakasia get a new date . In order to understand what can happen at Supreme Court we must know something briefly which are going in the back side of speakasia .means there are many thing happening behind the scenes.

1. As we all know that speakasia had have a meeitng with rbi and no one knows what had happen in that meeting but it is sure that rbi had agreed on the business model of speaksia. and hence they have guided speakasia how to resolve this issue legally so rbi had advised speakasia to show there fact full evidence to agency which actually watch the fema acts that is called as ED (enforcement directorate) and the meeting with ED had happen and till today the meeting was successful so in other words the payment procedure can also start with the clean chit from rbi or ed .

2. Now we will discuss about the supreme court hearing Which is at 17th October .One PIL was Filed by some senior panellist In Delhi Supreme Court:
SOLOMON JEMES & & ORS: WRIT PETITION (CIVIL) NO. 383 of 2011 " Supreme Court of India " Filled on 9 September, 2011 its Hearing will Be Now on this pil was filed by some senior panellist the main prayer in this pil was to get the money back which speakasia promises to give us back .And the main point in this is at 9 sep this pil was filed and at that day a summons were send to rbi ,finance ministry, and speakasia .
and they have been asked to reply what is the reason behind not getting payment .And till today only speakasia was able to reply to supreme court and all others haven't filed their reply yet but this is not a matter of concern the main matter comes now at 12 October there was a hearing in supreme court to propend the dates of hearing and in that hearing petitioners lawyer have strongly argued with lots of facts and hence supreme court had passed another verdict in which supreme court had given final chance to rbi to give there reply. if rbi able to file reply till Monday then its good otherwise supreme court intention is very clear .If rbi not take action then supreme court will pass a favourable judgement in favour of panellist .

In short we must wait for Monday two thing can happen may be rbi can give a gateway to speakasia to release payment to panellist otherwise the supreme court definitely will give a decision in favour of panellist so just hold your breath till Monday we will win for sure . The good news will definitely will come.

Similar Story of Amway like SpeakAsia

I guess many of you are already aware about Amway. It was the first international MLM company to hit Indian market. I am not comparing Amway with Speak Asia in any way as the business model is different in both the companies. I am just bringing the fact that Amway has already gone through the scenario which Speak Asia is facing today.
Multi Level Marketing is a legal business not only in India but abroad as well. But the fact is that people are not aware of its working concepts.
Amway was first to hit Indian market some 13 years ago (I guess) and it is still in the market.
Amway has several times been accused of being a pyramid scheme. A 1979 FTC investigation in the United States, a 1997 Belgian court and a 2008 court judgement in the United Kingdom all dismissed these claims.
In September 2006, following a public complaint, Andhra Pradesh state police (CID) (Most of the complaints are in this state I guess) initiated raids and seizures against Amway distributors in the state, and submitted a petition against them, claiming the company violated the Prize Chits and Money Circulation Schemes (banning) Act. They shut down all offices of firm Amway, and Arijit Saha writes that “with it the fate of 80,000 distributors of the company has been indefinitely sealed“. – Source (Wikipedia)
The same is happening with Speak Asia at the moment.I don’t want to comment whether the company is right or wrong but the fact is that the fate of 2 million Speak Asia panelists has been sealed.
Govt. or Court should give these kind of cases to “Fast Track Courts” so that the judgement may come bit early. People are desperate with no clue whatsoever regarding the cases and proceedings. Every Speak Asia Panelist wants company to start its operations as soon as possible but the fate of the company is in the hands of Govt and Court.
If for any reason, company fails to satisfy the RBI, no doubt the business will be closed but if it satisfy the RBI, chances are that the company may start its operations in India again.
The only person crushed in between the Govt and the Company is the “Panelist” of Speak Asia.
Thanks