SC orders SpeakAsia to deposit funds
The Supreme Court on Tuesday asked the court appointed mediator to ascertain the amount Singapore-based SpeakAsia is liable to pay to its investors and other authorities.business Updated: Feb 07, 2012 22:33 IST
The Supreme Court on Tuesday asked the court appointed mediator to ascertain the amount Singapore-based SpeakAsia is liable to pay to its investors and other authorities.
A bench of Justices Dalveer Bhandari and Dipak Verma directed the firm to deposit the calculated amount two weeks after the mediator submits its report. The sum would be deposited with the apex court’s secretary general. The bench gave liberty to the litigants before it to participate in the proceedings before the mediator.
SpeakAsia is accused of duping investors to the tune of R1,300 crore. Around 115 investors, who had put their money in the firm, had filed a petition before the Supreme Court in 2011.
SpeakAsia had reportedly enrolled 1.2 million members, which were called panelists after promising them handsome commission if they introduced new members. The members were asked to pay a fee to register with it, through a multi-marketing pyramid model.