EOW on the basis of C. R. No.60 of 2011 arrested many officials of Speakasia including its Chief Operating Officer (COO) on different dates and they were subsequently released on bail.
August 1, 2011
SpeakAsia issued Exit Option for panelists who wish to discontinue from business of SpeakAsia, subject to RBI permitting to remit the amount.
August & September 10, 2011
FIRs got registered against Speakasia and its officials in Thane and Raigad.
Server operations of Speakasia was completely seized by EOW from Tulsient Information Systems Private Limited, a company which was providing BPO services to Speakasia from Mumbai
September 02, 2011
Writ Petition No. 176 of 2011 filed by SpeakAsia under Article 32 before the Hon'ble SC for clubbing of various Investigations, which was allowed to be withdrawn.
September 19, 2011
Personal hearing before Reserve Bank of India attended by representatives of Speakasia
Quashing Petitions against Raigad and Thane FIRs were filed before this Hon'ble Court.
October 10, 2011
Detailed write up submitted on behalf of Speakasia to RBI.
115 individual panellists approached Hon'ble Supreme Court vide Writ Petition (Civil) No.383 of 2011
November 14, 2011
Hon'ble Supreme Court appointed Former Chief Justice of India Hon'ble Justice R C Lahoti as Mediator to ascertain what is payable by Speakasia and also to facilitate settlement between Panellists and Speakasia.
February 6, 2012
Speakasia along with HVP deposited 10 Million USD with the Registrar of Supreme of Court for the purpose of payment to panellists who have opted for exit option.
February & March 2012
During mediation proceedings, EOW refused to provide data seized by them in order to enable the Mediator to ascertain what is payable to the Panellists.
July 4, 2012
Speakasia filed a Writ Petition No. 1523 of 2012 against RBI seeking direction that Speaking Order has to be passed pursuant to the personal hearing and written submissions.
August 2, 2012
This Hon'ble Court in Writ Petition No.1523 of 2012 directed RBI to pass Speaking Order within 8 weeks.
September 19, 2012
The Hon'ble Supreme Court has disposed of the Writ Petition (Civil) No.383 as withdrawn since mediation between Panellists and Speakasia was opposed by EOW. While passing the order, the Hon'ble Supreme Court also recorded statements made by EOW in its Affidavit dated March 13, 2012 (without recording any submissions of Speakasia). It also clearly expressed that, 'whatever is stated in the order would not affect rights of the parties'.
September 25, 2012
RBI passed its Speaking Order "Economic Offences Wing is stated to be investigating whether the business carried on by SAOL is in violation of any law. As such, the question of RBI expressing a final opinion whether the schemes operated by SAOL are akin to money circulation scheme and whether SAOL is an MLM company does not arise"
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