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The Bombay High Court verdict about Speak Asia Online

Dear Speak Asians,

The Bombay High Court verdict is in favor of Speak Asia Online . Luckily we got the copy of the Case file of petition of Speak Asia in Bombay High Court which actually supports speakasia.

Please read this….

However, in the interests of fairness an opportunity should be granted to the Petitioners to submit a representation to the Reserve Bank. Sub section (2) of Section 35A of the Banking Regulation Act, 1949 does in fact contemplate the making of such a representation. From the record before the Court it would appear that the Petitioners had sought an appointment by a letter dated 17 May 2011 and pursuant to the request made to the bank a communication was addressed to the Petitioners on 16 June 2011 seeking a disclosure of information. The Petitioners responded on 20 June 2011, but the matter appears to have rested there. We accordingly dispose of this Petition by permitting the Petitioners to place a representation on the record of the Chief General Manager of the Reserve Bank of India who had issued the circular dated 23 May 2011. In the event that such a representation is made, we would expect the Reserve Bank of India to take a decision in accordance with law. The Reserve Bank of India may furnish an opportunity to the Petitioners to explain the contents of the representation in a PNP 6 WPL1365-14.7.sxw meeting which may be convened for that purpose.

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGNAL CIVIL JURISDICTIONWRIT PETITION (LODG.) NO.1365 OF 2011Speak Asia Online Pte Limited and others ..Petitioners.versusReserve Bank of India ..Respondent……Mr. Iqbal Chagla, Senior Advocate with Mr. Janak Dwarkadas, SeniorAdvocate with Mr. Zal Andhyarujina, P.C. :
1. In these proceedings the Petitioners question the legality of a circular issued on 23 May 2011 by the Reserve Bank of India to the chairpersons of scheduled commercial banks. The circular begins with a factual background of certain circumstances which were brought to the notice of the bank in relation to the activities of multilevel marketing companies, some of them based in Singapore which were operating in India through agents who purported to conduct online surveys. The circular sets out that the typical modus operandi is to ask prospective customers to deposit an amount in a designated PNP 2  PL1365-14.7.sxw account to gain access to a portal and password and download a survey form. For every form filled in and uploaded a certain payment is made and those who have filled in surveys have to multiply the users to get back their deposits. The Reserve Bank has drawn focus on the fact that the agents are opening accounts with various banks and have collected large sums of money which proceeds are aggregated into a central pooling account and remitted overseas as subscription charges. On this basis, the Reserve Bank has formed an opinion (a prima facie opinion as counsel for the Reserve Bank submits) that such schemes are akin to money circulation schemes in respect of which authorised dealers should not allow remittances to
the operators of such schemes. The bank has also taken the view that money circulation schemes are banned under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. On this basis the following directions were issued to the scheduled banks.

and much more…

We have included the link to the file here which you can download and read it for yourself.

Download: http://www.mediafire.com/file/BOMBAYHIGHCOURTORDER.pdf

Password: www.digiupdates.com

enjoy icon smile The Bombay High Court verdict about Speak Asia Online

 

 The Bombay High Court verdict about Speak Asia Online

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    One comment

    1. vinod sharma /

      TO,
      The Chief Justice of high cout,
      Bombay,
      Bombay India,

      Honorable,the chief justice of high court

      I am Vinod Sharma a penalist of Speak Asia Online Pvt.Ltd.since….(month of joining) & was earning a decent & regular income from the company,in my opinion company is very genuine & has not broken any law but because of actions of media,C.B.C.I.D.(Hyderabad) & E.O.W.(Mumbai) my livelihood & personal liberty are under threat .

      As i am citizen of India,residing at…….(Pragpur Jalandhar Cantt.Punjab) & as per section 14 & section 19 of constitution of India i request the immediate intervention of the highest court of India to get back my livelihood & protect my interests.Kindly consider this letter as my writ petition.

      Thanks
      NAME & SIGNATURE
      Vinod Sharma

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