BizBasket's view on High Court's Order for Speak Asia

Dear Speak Asians,

It all started on 11th May, 2011 against Speak Asia on expected line. Massive media attack followed by Politicians, NGOs and other vested interests jumping in to take some undue advantage out of highly publicized issue. But what was unexpected to all was SAOL's legal preparedness to fight the battle and their crystal clear intention to run the business ethically and forever.

In continuation with this battle SAOL has posted latest updates through its website pop up and following is the BizBasket's expert team's opinion in this :

• Facts concerning Direct Selling Industry as whole :

1. In the history of Direct Selling throughout world it has happened just second time when any Company has fought so vigorously against all establishments. The only precedence is Amway Corporation, USA which fought tooth and nail in year 1974 and made sure a legislation enacted to regulate direct selling in USA in year 1978.
   
2. In Indian Direct Selling history it is the first time when Ministry Of Company Affairs(MCA), Registrar Of Companies(ROC), Reserve Bank Of India(RBI) and other Government institutions have been forced to look into the matter and issue a clear cut guideline for this industry.
   
3. As said in the pop up media, NGOs and others are able to harass SAOL just because there is no law in our country regulating direct selling industry perfectly. There is only one law enacted which throws some light on this industry and that is "Mischief Of Prize Chit Fund And Money Circulation Act, 1978". This law dates back to year 1978 and is unable to handle the issues in direct selling industry arising particularly after the pace became very fast because of Internet.

• Facts effecting Speak Asian :

1. In our opinion, now the only solution which the SAOL has is "The Legal solution". Until and unless there will be a legal judgement in favor of SAOL, it will be at the mercy of the media, NGOs, Govt. Depts., Politicians and competitors.
   
2. The Company is legally very very strong and hired one of the best legal firms in India, A. K. Singh & Associates, New Delhi. It has not violated any law of the land till date that is why standing on a firm legal ground and 100% sure to win this lengthy battle.
   
3. The honorable High Court of Hyderabad [restrained harassment or arrest of any official or employee of our Company against a complaint made by an NGO (Criminal Petition 5626/2011)] and the Honorable High Court of Bombay [directing the Reserve Bank of India to give SAOL a hearing to understand its business model "expeditiously" (Writ Petition (L) No. 1365/ 2011 - SAOL & Ors. vs. Reserve Bank of India). ], has passed the respective judgments in favor of SAOL (Please see the judgement page of Honorable Bombay High Court attached with this article).

Note : All Speak Asians are part of history in making in the field of Direct Selling. At this point of time we should keep our faith in the Company and pray to god that a clear cut and final solution to this problem comes out so that we are not at the mercy of anyone in this world and can do our business uninterrupted and with honor.

Proud to be Speak Asian ! ! !