The Ministry of Corporate Affairs (MCA) has ordered a probe into market research agency Speak Asia after media reports unearthed shady workings of the firm. Speak Asia has been under the scanner for alleged using false high profile client names to benefit itself.
There were reports that during a trade fair in Goa, Speak Asia’s marketing team had claimed that ICICI, ING Vysya, Bata, Airtel and Nestle were its clients.
However, it was later reported in some sections of the media that the companies denied having any business connections with the firm.
“We have interacted and worked with these companies. But we have not provided any commissioned services to them,” Speak Asia India’s Chief Executive Officer (CEO) Manoj Kumar, told reporters earlier.
Speak Asia is a company where consumers pay around Rs 11,000 for a membership which will allow them to conduct some surveys online for the firm.
The members also get paid for filling those surveys. It is believed that the Rs 11,000 investment could be recovered within three months.
Speak Asia claims to have 1.9 million members in its network.
Source : CNBC-TV18
a blog to protect innocent investors and bring the fact s in the knowledge of investors is important and efforts must be done for same
i have personally visited speak asia’s office in singapore , with just 3 staff members and 500 sq ft office and without even a single official ontract from any of its clients speak asia are in a grave business of money laundering,havala, black money racket, FERA voilation , transfer pricing voilation, service tax voilations and unless the CBI and govt. does not initiate any strict vigilance over the company, speak asia may dupe lakhs of innocent investors when it will be too late
To make the rule and regulations regarding this type of companies so that the money of members/investors will be safe in all respect.