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SC asks Speak Asia to deposit investors money

Singapore-based firm has been accused of duping investors of Rs 1,300 cr

Press Trust of India  |  New Delhi 

The has directed the Singapore-based firm Speak Asia, accused of duping investors to the tune of Rs 1,300 crore, to deposit before it the amount payable to investors and concerned authorities.

A Bench of Justices Dalveer Bhandari and Dipak Verma asked the mediator, appointed by it earlier, to ascertain the exact amount which is payable by to the investors and other authorities and directed the company to deposit the same within two weeks after that.

"We request the learned mediator to ascertain how much amount in fact is due and payable to the petitioners and other authorities.

"We direct the concerned respondents [Speak Asia] to deposit the amount indicated by the learned Mediator with the Secretary General of the within two weeks of the order of the learned Mediator," the Bench said.

"All the parties would be at liberty to participate in the proceedings before the learned Mediator," it added.

The Bench passed the order on a plea filed by a group of investors of for recovering their money.

Around 115 investors, who had put their money in the firm, had filed a petition before the apex court last year.

The court had in October last year asked 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.

First Published: Tue, February 07 2012. 18:01 IST