This PETITION comes before you for your kind consideration and necessary intervention to ensure the ends of justice are met and a family of 12.5 Lakh aggrieved SMALL & MARGINAL Investor’s are provided the much needed relief as per the prevalent LAW OF THE LAND.
An online survey Company: M/s. Speakasia Online Pte. Ltd.; (SAOL) is under investigation by the EOW CB-CID Mumbai Police, for a period of over 21 Months now i.e. since 28th July, 2011.
The entire family of 12.5 Lakh enrolled Members (Panelists) of the Company are LAW ABIDING citizens of INDIA. Majority of the panelists are computer savvy, under employed or unemployed youth with the bulk comprising of the WOMAN WORK FORCE including Housewives who had enrolled into this Business Model to augment their family household income. The entire family, of 12.5 Lakh Panelists are LAW ABIDING Citizens of India and are in fact interested that the INVESTIGATION be completed so as to unearth the actual truth of the entire SPEAKASIA.
We the 12.5 Lakh Panelists of Speakasia are aggrieved and agitated for the following reasons:
1. SAOL had announced an EXIT OPTION sometime in the Month of August, 2011, whereby the company had announced that SAOL would refund the subscription Cost of all the Panelists who wish to opt of its association with the Company.
2. Pursuant to this announcement of the EXIT OPTION over 94000 of our family members had opted for the said EXIT OPTION. It would not be out of place to reiterate here and place before your kind attention that most of these EXITING Panelists would fall under the category of SMALL & MARGINAL INVESTOR, who are hoping that their money which seems to be presently stuck up in the maze of Judicial Process, is refunded back to them without any further delay.
3. Pending the implementation of this EXIT OPTION some 115 Panelists approached the Hon’ble Supreme Court with a WP(Civil) 383/2011, which has since been “Dismissed as Withdrawn” on Technical Maintainability issue. It would be interesting to note that while the Writ was under active consideration of the Hon’ble Supreme Court a mediation process was instituted under the Hon’ble Mr. Justice R. C. Lahoti (The 35th Chief Justice of India). While announcing the Mediation Process on 14th November, 2011, The Hon’ble Supreme Court had viewed this matter as a dispute between the various parties.Link to the Order dated 14th November, 2011 passed by the Hon’ble Supreme Court is posted herewith: http://courtnic.nic.in/supremecourt/temp/3832011314112011p.txt
4. Before actually appointing the Hon’ble Mediator, the Hon’ble Supreme Court vide its order dated 17th October, 2011, link to the said Order is as follows: http://courtnic.nic.in/supremecourt/temp/3832011317102011p.txt ordered SAOL to submit an AFFIDAVIT before the Hon’ble Supreme Court. The relevant extract from the ORDER is reproduced herein below:
“In the meanwhile, we request learned counsel appearing for respondent No. 3 and 4 namely, Speak Asia Online Private Limited and Haren Ventures Private Limited to take clear instructions that in case on ascertaining financial liability by the Mediator the same would be paid by them. An affidavit of the concerned Managing Director or any senior most officer in charge of respondent Nos. 3 and 4 be filed within a week”.
To the best of our knowledge, the said AFFIDAVIT was duly submitted to the Hon’ble Supreme Court.
5. The EOW, who on 17th October, 2011 was added as a respondent, did not cooperate with the Mediation Process and contrary to the primary PUBLIC INTEREST, which should have been to find ways and means to ensure the refund of the SMALL & MARGINAL INVESTOR, continued its non cooperation, forcing the Hon’ble Supreme Court to pass the following order on 6th February, 2012: http://courtnic.nic.in/supremecourt/temp/38320113622012p.txt ordering the EOW to share the data with the Hon’ble Mediator, and also ordering SAOL to deposit the Amount as ascertained by the Mediator with TWO weeks of such an ascertainment.
6. In pursuance to the directions of the Hon’ble Supreme Court, to show its commitment and to uphold its intent to stand by the announced EXIT OPTION the company SAOL on its own accord, pending the final ascertaining of dues by the Hon’ble Mediator deposited US$ 10 Million (Approx 50 Crores) with the registry of the Supreme Court: http://courtnic.nic.in/supremecourt/temp/383201132322012p.txt
7. Unfortunately due to the non Cooperation of the EOW and based on false submissions (As has become the norm and tendency nowadays for the State Authorities and even senior Court Officers who do not seem to miss any opportunity to misguide the courts) the said WP/383/2011 came to be “DISMISSED AS WITHDRAWN” on 19th September, 2012.
The EOW had finally succeeded in derailing and aborting the Mediation Process. The unprofessional attitude based entirely on imaginations, falsehood and unfounded perceptions, the EOW had sadly won in their sinister plan and defeated the primary PUBLIC INTEREST which is to ensure the refund of Monies of the SMALL & MARGINAL INVESTOR.
8. After the WP/383/2011 came to be “DISMISSED AS WITHDRAWN” on 19th September, 2012. The company SAOL through its BLOGSPOT http://speakasiaonlinemarketing.blogspot.in/ dated 5th October, 2012; informed its panelists as follows:
“As per the recent Order passed by the Hon’ble Supreme Court, the mediation proceedings have come to an end. However, SpeakAsia continues to stand by its commitment forreleasing the payment to its panelists. It is therefore putting in motion the execution of itsexit policy and as an initial step; SpeakAsia will be executing the payouts for a test batch ofpanelists”.
We the Panelists witnessed that the payments under the TEST BATCH were effected and some of the Panelists who received these payments also shared the payments proof on various Social Media Websites. These Payouts were confirmed by the company vide their BLOG POST dated 21st November, 2012
9. Vide the BLOG POST uploaded on the Company BlogSpot: http://speakasiaonlinemarketing.blogspot.in/ dated 21st December, 2012; The Company shared with its constituents i.e. the enrolled members (Panelists) that they were facing some difficulties in affecting these payments. Reproduced herein below is the relevant portion of the Update:
“We understand that there are delays in the process. One of the main contributor to this delay is the fact that we have had to do all the transactions and checking manually as our old automated systems are still under the custody of EOW Mumbai Police. We appeal to all the SpeakAsians to remain patient and bear with us as we work feverishly towards attaining our goals”.
10. It now seems that the Company was not able to address the problems it was facing in affecting the EXIT PAYMENTS, and vide their BLOG UPDATE dated 1st April, 2013; The company has informed the Panelists of SAOL that the Company has now filed a Writ Petition in the Hon’ble Bombay High Court vide WP/1127/2013, praying for the sharing of its own data which is in the custody of the EOW. The Hon’ble Supreme Court had also ordered the EOW to share this data albeit with the Hon’ble Mediator (Refer Para. 5 above for the order of Hon’ble SC dated 6th February, 2012) only to ensure that the Panelists of the Company SAOL could be effected the refunds to all the panelists who have opted for the EXIT OPTION, as per the EXIT POLICY announced by SAOL sometime in the Month of August, 2011. This WP is now scheduled to come up for ADMISSION after court vacations on 25th June, 2013 before the Divison Bench of the Bombay High Court.
History has been witness to the fact that there have been innumerable instances where the SMALL & MARGINAL INVESTOR has been left in the lurch to fend for himself as the promoter vanishes away into the unknown with his HARD EARNED money.
The latest example which comes to our mind is the “SHARADA SCAM” of West Bengal, which has forced the State Government to announce a corpus of Rs. 500 Crores to help the SMALL & MARGINAL INVESTOR.
We have also witnessed in the past that many a financial failures have resulted in the Promoter being arrested, his assets seized, bank accounts freezed but not a single paisa has ever been refunded to the SMALL & MARGINAL INVESTOR. The poor investor is forced to run from pillar to post but his money is elusive and he awaits the refund unendingly. Such predicaments are a double whammy to the investor as not only his dream of a better future for his family has been broken, but alas his meager hard earned capital is now buried in the uncertainties and vagaries of the JUDICIAL PROCESS.
This is a rare opportunity for the country, the political system and the judiciary itself to reach out to the SMALL & MARGINAL INVESTOR and prove to him/her that NO!! THEY ARE NOT ALONE AND WE ARE CAPABLE OF MUCH MORE THAT OFFER SIMPLE LIP SERVICE. We will take action and all steps to ensure that his MONEY is safeguarded and refunded to him at the earliest AS SOON AS POSSIBLE.
Based on the above submissions, we the over 12.5 Lakh Enrolled Members (Panelists) of the Company: Speakasia Online Pte. Ltd; most humbly pray to your good selves:
A. To use your august office to ensure that the Company SAOL be allowed to effect the refund to all the Panelists who have applied for the EXIT as per the company’s EXIT POLICY.
B. To ensure that EOW, in keeping with the larger PUBLIC INTEREST, shares the data with the company SAOL to enable the company SAOL to effect the EXIT PAYMENTS, as per their sworn commitment before the Hon’ble Supreme court (Ref Para. 4 above).
C. To ensure such other reliefs as may be deemed necessary as per the facts and circumstances of the case.
For this act of kindness we the 12.5 Lakh Panelists of Speakasia will as in duty bound, ever pray.
यह याचिका आपके विचार विमर्श और आवश्यक हस्तक्षेप के लिए आपके सामने रखी है ताकि न्याय सुनिश्चित हो उन 12.5 लाख लघु और सीमांत पीड़ित निवेशकों के एक परिवार के लिए और देश के प्रचलित कानून के अनुसार आवश्यक राहत प्रदान हो।
एक ऑनलाइन सर्वेक्षण कंपनी M/s. Speakasia Online Pte. Ltd. (SAOL) की EOW CB-CID मुंबई पुलिस द्वारा 21 महीनों की अवधि से यानी 28 जुलाई 2011 से जांच हो रही है।
एक व्यापक सार्वजानिक हित हेतु , हम स्पीक एशिया के १ २.५ लाख नामांकित सदस्य हैं और आपसे विनम्रतापूर्वक अनुरोध करते हैं कि लघु एवं सीमान्त निवेशकों का धन सुरक्षित रहना चाहिए एवं शीघ्र अतिशीघ्र लौटाया जाए ।
निष्ठापूर्वक आपका ,
व्यथित स्पीक एशियन