Supreme Court orders Speak Asia deposit investors money up to Rs.1300 Crore before it

Supreme Court orders Speak Asia deposit investors money up to Rs.1300 Crore before it

Last year Around 115 investors of Speak Asia had filed a petition in the Supreme Court of India regarding recovery of their money.

After that SC in October asked Speak Asia Online Pvt Ltd and its related company Haren Ventures Pvt Ltd to file an affidavit stating that in case of ascertaining financial liability by the Mediator the same would be paid by them.



Now a bench of justices Dalveer Bhandari and Dipak Verma asked the mediator to ascertain the exact amount which is payable by Speak Asia to the investors and other authorities and directed the company to deposit the same within two weeks after that.

The SC Bench said that we direct the concerned respondents (Speak Asia) to deposit the amount indicated by the learned Mediator with the Secretary General of the Supreme Court within two weeks of the order of the learned Mediator,"

Speak Asia is accused of duping investors to the tune of Rs 1,300 crore thus its expected that Speak Asia will deposit Rs.1300 Crore.

Now Mediator will study and fix how much Speak Asia should deposit with the
Secretary General of the Supreme Court.

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Tuesday, February 07, 2012

Tags – Speak Asia SC Order