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Dear Speak Asians,

We are happy to share the progress and update the status of various activities being done by your company .

1. Establishing a Liaison Office in India ( Process and Current status )

a) Application given to Reserve Bank of India

An application has been filed with the Reserve Bank of India, Mumbai through the bank for requisite permission to open an Liaison office (click for copy). We understand that the applications are considered on case-to-case basis and the permission from Reserve Bank of India generally takes about 4-6 weeks time from the date of submission of application.

b) Registration with Registrar of Companies, New Delhi

Upon receipt of approval from Reserve bank of India, requisite documents have to be filed with Register of Companies for registration of Speak Asia under Companies Act. After scrutiny of documents, the Register of Companies will register the Foreign office and issue the certificate of registration. Thereafter, SpeakAsia can open a bank account and start operation in India. We are trying hard to expedite this activity and will keep you updated on its progress .

NOTE: The payouts from India can only start once bank account is opened and the approvals are given in writing by the authorities.

2. RBI's approval for business model : Further to the order dated 14th July received

from Hon . High Court to RBI for a meeting with Speakasia to understand the business model , we have written yet again to RBI asking for a suitable date vide letter dated 21st July (copy of letter attached). We hope that many issues will get
resolved after this meeting .

3. Distribution of rewards earned by you: The LCD / LED TV's are already lying at

the customs (copy of documents attached). These goods are held up in Customs in Mumbai due to our bank accounts being frozen . We are incurring huge demurrages on the same. The deliveries will start as soon as the goods are released from customs.

4. Interim orders received from Hon. Andhra Pradesh High Court: We have obtained court order for staying any activity by Crime Branch - CID against any of the officials or associates of SpeakAsia (copy of order attached link 1, link 2). We are cooperating with the authorities and ensuring that the business model of SpeakAsia is understood by all.

5. Public Apology by leading national news channel for misrepresenting the facts was aired on 21st July,2011 ( link attached )

Friends , while we want to restart the business as fast as possible, we are constrained by the ongoing activities against us which only delays the entire process. In view of this giving a firm date can be a challenge but we assure you that we are getting closer by the day and working towards the earliest settlement of all issues which have been thrust upon us.

We thank you for your support thus far and hope that you will continue to have faith in your company and wait the business to start as usual. Kindly remember that any activity against your company by anyone (from within or outside) ,only will add to the delay. So be cautious and avoid any misrepresentation or activity that may delay the progress.



An Important message for SpeakAsians

"Delay is the deadliest form of Denial"

Them
They never say an outright NO. It is always a MAYBE, or let us consider in DUE COURSE.

Yet, undeniably they have delayed and deferred our ability to continue business as usual.

They have delayed our payments to you, they have delayed our clearance of the products that are to come to you. They have put a spoke into our working by harassing our staff , distributors and panelists and have indulged in an unjust, unfair and malicious rumor campaign that has seriously dented our public image. They have effectively halted the operations of our company.

Who are they? They are a product of misguided thinking, unbridled envy, and a desire to destroy what they cannot build. They do what they do with a clear understanding that their victory lies in imposing impossible delays, so that the enthusiasm, the dedication and the morale of our team suffers. They are a set of people with deadly intent. They seek nothing less than the destruction and permanent stoppage of our business.

They are the opportunity deniers.

They are supported, cheered on and encouraged by certain vested interests like our competitors, some corrupt politicians and unscrupulous NGOs who have jumped into the fray to take advantage of our vulnerability.

Remember : The hunter is always the bravest when the hunted is at its weakest.

This concerted campaign has resulted in several Government agencies deciding to investigate and probe into the affairs of our Company as an honest arbitrator for settling the issue once and for all.

The delays through which they sought to deny earning opportunity to SpeakAsians
We are not in a position to make any payments into India as all payments sent by us to panelists and suppliers have not been credited to them. As a result payments to TVC, our importer for mobile phones used to meet our rewards obligations have been returned many times. Delay and denial.

Accounts of distributors are frozen and cannot be used for making any payments. Block and deny.

28500 Television sets ordered by us as rewards and for sale to the panelists are lying at Mumbai port and we cannot make custom duty payment. Delay and denial.

We are under constant threat due to frivolous complaints lodged by certain interested parties in some locations. Harassment and Denial

Our Company has been brought to a situation where we are not able to move even one inch. Hobble and Denial
Delays that are becoming deadly denials for our business
We are not allowed to pay salaries and other expenses to officials and employees of our Company. Delay, deny and demoralize.

We do not even have freedom to move freely due to the constant threat of arrest on account of certain frivolous complaints. Harassment and Denial

Our application for starting Permanent Establishment (PE) in India has been submitted to the RBI through Bank. We are awaiting the fate of this application. With this being approved we will be in a position to offer an "Exit Option".

The Exit option : Panelists will have a choice to get payment of reward points by TT from SpeakAsia Singapore account or migrate with their reward points to India centric website and continue business with terms applicable for Indian business . Waiting …
Us
We are sure that during their probe these agencies have realized that our Company is working strictly within the laws of the land in both letter and spirit and has been diligently complying with every law. However, in this highly charged environment and constant pressures of various quarters most of these agencies would have found it difficult to give a "clean chit" in writing. We were left with no option but to approach the judiciary and present the facts for a clear decision.

We have got some moral vindication (for instance) the 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) . The High Court in Mumbai directed the Reserve Bank of India to give us a hearing to understand our business model "expeditiously" (Writ Petition (L) No. 1365/ 2011 - SAOL & Ors. vs. Reserve Bank of India).

However our operations are still far from being normal and the delays continue.

So, what are we doing amidst this siege like condition- how are we responding?
In the "Them v/s Us" situation the following is what we are doing to right the wrongs, and re-establish as quickly as possible our commercial relationships with our team members, distributors, and panelists.

We have managed to deliver Cars and over 60000 products earned by you as rewards despite this difficult time.

Several new products are being added and will be made available on the website. You can then use your reward points and save on the purchase price of these products or earn commission by making a sale of these and cashing in your reward points.

To ensure this we are taking various legal actions so that we get permission for making payments to you and pay to various suppliers and vendors for rewards and products for website. We expect results and relief from these actions in the coming weeks.

We are moving the highest Court of the land to put an end to the constant harassment of our distributors and panelists by several authorities and to open their bank accounts.
We will not give up. In this fight what will help us is your continued belief in the rightness of our business, your dedication, a little patience and the ability to sift between facts and accusations, between reality and innuendo, between news and rumor.

We shall Overcome. We shall emerge vindicated, We shall become victorious. We shall not close down our business in India.

Because no one can deny people an opportunity to earn an Honest Living.

We will deny the ultimate victory to the delayers