Dear BizBasket Viewers,
KINDLY GO THROUGH THE FOLLOWING UPDATES FROM THE SECRETARY OF THE SPEAK ASIA PANELISTS ASSOCIATION AS ON 24/08/2011 :
Hello Friends,
Today has been a day of mixed responses but summed up i would say a step ahead in the positive direction.
The day started with the hearing of the PIL which is now being heard along with the earlier criminal PIL filed against the Govt. of Maharashtra that had accused SAOL as being on the verge of committing fraud on lakhs of innocent investors in what they preferred to call a net based fraud.
Without Prejudice i attempt to reduce in writing what i understood from the proceedings, I understood that the Hon. Judges clearly said that they are not at all suggesting or wanting the EOW to investigate SAOL individually, in fact the court is interested to understand the preparedness of the agency to counter any attempt to defraud the gullible Indian investor in any sort of cyber fraud.
The court wanted to understand in detail the procedure to file complaints with the EOW and the systems in place with the EOW like cyber forensics to investigate and to prevent any sort of cyber economic crime.
The court was clear and prounced in the court their main concern was to safe guard the interest of small and marginal investors.
The Associations Advocate Mr. Ahmad Abdi prayed before the Hon. Court for immediate ad interim relief by way that the over Rs. 130 crores seized by the Authorities be deposited with the Hon Court to be held by the court till the same could be disbursed amongst the panelists.
The Company's Advocate Mr. Abaad Ponda requested the Hon. Court that an opportunity be given to the company to defend itself before being termed scamsters.
He even pointed out to the court that how the EOW was misusing the observation made by the Hon. Ladyship, when she had simply made a prima facie observation in the matter, as if it was an order and placed it before various judicial forums while opposing the bail application of the accused (SAOL officials and others).
The advocates of the company urged the Hon. Court to comment that the police investigate the matter independently without taking into account the Hon. Courts observations as earlier passed. The Hon. Court was pleased to make the following observation: : "The police should investigate the matter independently".
This is not an ad verbatim recording of the observation but is close to it in letter and spirit.
After hearing all concerned the court was pleased to instruct the Govt. Of Maharashtra to reply to the post in the next two weeks, and the matter is now posted after two weeks.
We then rushed to to the Thane court where the Bail Application was pre-poned from tomorrow to today.
The Magistrate heard the bail application, but reserved her order till tomorrow as the Investigating Officer of the EOW Bhayander was not available today.
The matter is now posted for tomorrow for orders.
We hope and pray that all will be well tomorrow.
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