Speak Asia: RoC to submit report by July 10

The corporate affairs ministry has asked the Registar of Companies to inspect the books of accounts of the controversial multi-level marketing company Speak Asia and submit its report to the government by July 10. The Singapore-based company Speak Asia, which is yet to be incorporated as a company in India, would be inspected under section 591 of the Companies Act, which is applicable on companies incorporated outside India and has established a place of business within the country, sources said. “We will scrutinise the affairs of Speak Asia under Section 591 of the Companies Act, which deals with the companies which are incorporated abroad,” Corporate Affairs Secretary D K Mittal said. - www.business-standard.com