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Speak Asia to move court against bank accounts' freezing

BS Reporter  |  Mumbai 

Online survey company Speak Asia said today it would move court against banks, which have frozen accounts of its agents.

Ashok Saraogi, legal adviser of Speak Asia, told Business Standard, "The actions have been done following all the media noise. We have a Bombay police directive against this action. We will challenge this legally."

Earlier, in a letter posted on its website, Harender Kaur, chairperson and CEO, Speak Asia, said some banks had temporarily frozen accounts of its India-based agents. He said the banks had taken this ex-parte action, which amounted to breaching of natural justice principles. The company didn't name the banks.

In a press conference last week, Saraogi had said ICICI Bank and ING Vysya Bank were bankers of the company. The company is also facing heat in Singapore, where it is incorporated.

"Due to the media noise, on 25 May, 2011, UOB Bank in Singapore has also pressed us for closure of two of our bank accounts within two days, without giving us the chance to present our case or even listen to us," Kaur said in the letter.

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First Published: Fri, May 27 2011. 13:47 IST