Reports had said that United Overseas Bank (UOB) froze the bank accounts of Speak Asia, catering to 19 lakh panellists, vendors and staff.
Speak Asia on Friday clarified that its bank account in Singapore has not been frozen and that it is only moving its company account to another bank.
Earlier, media reports had suggested that Speak Asia cannot make payments since its bank accounts in Singapore have been frozen.
Reports had said that United Overseas Bank (UOB) froze the bank accounts of Speak Asia, catering to 19 lakh panellists, vendors and staff.
"We are approaching and evaluating various other Banks in Singapore from where we will soon be able to disburse the payments to all panelists," Speak Asia's India CEO Manoj Kumar said today.
"Also, we would like to reassure that the panelists’ money is safe! Towards this, we are trying to open an escrow account in order to further protect their interests," he said in a statement.
Speak Asia said that it would like to put on record that no notice, letter or questionnaire has been received by it from any Government agency/authority.
In fact, the company has proactively approached the Ministry of Corporate Affairs and the Economic Offences Wings (EOW) of both Delhi and Mumbai Police and offered its fullest cooperation and information, Manoj Kumar said.
The online market research agency is under regulatory scrutiny in India for allegedly misleading subscribers.
The Ministry of Company Affairs has reportedly ordered a probe into the company and its practices. The RBI and SEBI are also believed to be looking at the company's operations.
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