The controversial multi-level marketing company Speak Asia today refused to divulge the names of companies from which it earns revenue by conducting surveys even as it unveiled plans for expanding operations in India.
"We have been doing commissioned reports. However, it would not be possible to share names of the company due to non-disclosure agreement with clients," Speak Asia India Chief Executive Officer Manoj Kumar said.
When pressed further, he said, the company has done surveys for a Singapore-based firm Yug.
Besides commissioned reports, the company conducts internal surveys and questionnaire based surveys, he said, adding, the company would do survey for Indian companies after it gets registered in India.
Speak Asia, which is yet to be incorporated as a company in India, claims that it has 1.9 million members or panelist in the country.
Singapore-based Speak Asia incorporated last year, promoted by Hariender Kaur, so far has got operations only in India and plans to invest $21 million for its expansion, he told reporters here.
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The company plans to set up three subsidiaries mainly for content development, survey and marketing in India by the end of August, he said.
The company is in the process of seeking approval from Registrar of Companies, Reserve Bank of India and Foreign Investment Promotion Board, he said.
The company charges a membership fee is Rs 11,000 for a year. It allows its members to conduct some surveys online for the firm.
Members are paid for conducting the surveys. The company said that it pays Rs 500 for every survey to its member.
After controversy erupted last month about the company's operation, an investors protection group filed a public interest litigation (PIL) in Bombay High Court. The court issued summons to five top officials of Speak Asia.
The Singapore-based United Overseas Bank last month had closed bank accounts of the Speak Asia.