AISPA Update: 18th October, 2012

Team AISPA has come to realise that there is some confusion in the minds of many member Panelists and Consumers and through this communication we wish to clarify some of the doubts.

A. Have the confirmatory mails from the Company for verification of the EXIT OPTION started? If not when will they start?

On close reading of the Company communication dated 5th October as it appears on the Company Blog Spot http://speakasiaonlinemarketing.blogspot.in we come to realise that the company has informed us as follows:

“Speakasia will be executing the payouts for a test batch of panelists, This exercise should take a couple of weeks as confirmation e-mails would be sent first to those panelists and then the amounts would be transferred upon receipt of confirmation”.

Now couple of weeks technically means two weeks, the important thing to note is that the company has committed to start the process in a couple of weeks give or take a few days. We think it would be safe to say that the process should commence not later than three weeks (21 days) from 5th October which means roughly around 26th October, 2012.

As of today there is no confirmed news of anybody having received any confirmatory E mail leave aside any payments. As and when the verification E mails are received, Panelists are requested to upload them and share the information because it will be a moment of joy for all of us. We request all members to please desist from spreading any unsubstantiated news until thorough checking of facts.

We need to understand and appreciate that our Family members who have opted for the EXIT have been very patiently awaiting the refund of their subscription amounts and we should not act in any way which will hurt their sentiments.

B. What happens in the event where the Panelists E mail ID has become inactive, his mobile phone number has become inactive, the bank account details which he had loaded on the SAOL website during registration is not active anymore or if the Panelist had not uploaded any bank details during registration?

Like they say “Where there is a WILL there is a WAY”, if we look at the past record of the company, we should seek solace that the company has been from day 1 claiming that they are “vachanbadh” to ensure that all those who have opted to EXIT OUT will be paid their dues at the earliest, we should not forget that the mediation process was also initiated for this precise reason.

Now with the Mediation Process having been called off by the Hon’ble Supreme Court the company under legal advice has opted to start paying directly to the Panelists. When the Company is firm in its resolve, such hurdles like mentioned in the question should not pose a problem for the company to execute the EXIT PAYMENT.

Through this communication we draw the attention of the company on the above doubts in the Panelists mind and we at AISPA wish to urge the company to do their best by using the various multiple methods of confirmation/verification process which can be listed as follows:

a. First and foremost confirmation E mails may be sent.

b. If the E mail as mentioned above bounces for whatever reason a telephonic confirmation on the registered Mobile Number can be attempted.

c. If this Telephonic Confirmation as above also fails then remember the company has collected details of the Sponsor and/or our Upline during the filling up of the EXIT APPLICATION; the company can then attempt to make contact through this channel.

d. In the rare eventuality that all the above fails then the Company may inform us through its BLOG.

e. If at any time the company wishes AISPA to help them in the verification process we will only be too happy to be of service to the EXITING Panelists.

C. In the absence of the WEBSITE how does the company propose to make the EXIT PAYMENTS?

How the Company will undertake to perform its duties, what will be the methodology should not be of concern to us; no company worth its salt will ever discuss in the public domain its strategy.

We wish to draw the attention of all concerned that most of the information was provided by the EXITING Panelist while filling up the EXIT Application itself.

We should be happy that the Company has announced its intent to pay EXIT OPTIONERS and that is of prime importance to us, we should also remember that this has been the stand of the company from the day they announced the EXIT OPTION on 1st August, 2011.

AISPA’s main concern has always been that the payments to all EXITING panelists should be undertaken ASAP, and AISPA will ensure that every possible legal step is taken to ensure that the Company is allowed to remit these payments to the Exiters which is in fact the most important PUBLIC INTEREST i.e. to ensure the marginal Investor’s money is safeguarded and refunded.

A. What has been the RBI’s speaking order in the SAOL matter which was scheduled to come before the 27th September, 2012?

On close perusal of the two replies in the two RTI’s of Swapnil Kumar and Sunil Karande and on reading the order dated 14th July, 2011 of the Hon’ble Bombay High Court in the WP/1365/2011 in the first RBI Writ filed by the Company in July 2011.

We can safely reach the conclusion that the RBI would have opined as follows:

I. That the RBI has never in the past termed the Speakasia Business Model as “MONEY CIRCULATION”

II. That the RBI has never specifically instructed any Bank/s to put an embargo on the remittance of funds.

III. That the RBI has no objection if SAOL brings in any amount for paying off the Panelists provided it is routed through proper banking channels.

E. What is the current Legal Position and Status? What is the road ahead?

The Company Writ in the Hon’ble Bombay High Court vide WP/3210/2011 and WP/3211/2011 for quashing of the Thane and Raigad FIR’s was on 16th October, 2012.

The main prayer in this writ was for quashing of the FIR’s as in the event of an FIR being investigated in Mumbai under CR 60/2011 there is no legal locus for these two FIR’s to exist.

In view of the Hon’ble Supreme Court order in WP/383/2011 dated 19th September, 2012 the Divisional Bench in the Bombay High Court has asked the Company to amend its prayer and instead of praying for quashing the FIR’s has asked the company to pray for clubbing the FIR’s so that there is no multiplicity in investigation.

However contrary to what is being spread through various forums and blogs NO ORDERS have been passed in this WP/3210/2011 as yet.

The next date in this matter is scheduled for 31st October, 2012.

The AISPA writ i.e. WP/3611/2011 was disposed off by the Hon’ble Bombay High Court on 26th September, 2012.

AISPA has filed a SLP (Special Leave Petition) challenging the Bombay High Court Order in the Hon’ble Supreme Court of India and is numbered as SLP (Criminal) 8340/2012 and is listed for hearing on 5th November, 2012.

We wish to summarize as follows:

· The Company is in the process of effecting payments of EXIT OPTIONS directly to the Panelists as per their Communication dated 5th October, 2012.

· AISPA has filed its SLP in appeal against the ORDER of the Hon’ble Bombay High Court’s order dated 26th September, 2012.

· The CB-CID at AP has filed its charge sheet in the court of the Learned Metropolitan Magistrate at Vijayawada and the TRIAL is awaited to begin.

· In lieu of the charge sheet having been filed in AP we now wait to see how long does the EOW, Mumbai take to file its charge Sheet in Vijayawada.

Please Note:

Whatever is written above and opined on is based on our collective information in the SAOL Matter based on our experience and material available in the Public Domain and on information received from our legal team and legal documents.

Jai Speakasians,

Jai AISPA

Warm Regards,

Team AISPA.