Probe into Walmart investments to take more time: ED
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Probe into Walmart investments to take more time: ED

Last Updated: Friday, March 01, 2013, 20:58
 
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Probe into Walmart investments to take more time: ED
Chennai: The Centre on Friday submitted before Madras High Court that it would take "some more time" for the conclusion of the probe by Enforcement Directorate into alleged violations of forex laws by the American retail giant Walmart in its investment in two Indian firms.

ED has issued summons to Bharti Wal Mart Ltd officials for clarifications in connection with the documents received from the concerned companies and government departments, an affidavit filed by a top ED official said.

"..Investigations which are being conducted by ED would take some more time to be concluded as the documents received from the concerned companies and the concerned government departments are being examined," ED Deputy Director Rajeswar Singh said in the affidavit.

ED has also made reference to concerned government departments to obtain material information and record relating to receipt of FDI by the said companies, Singh said in response to a PIL by a traders association.

The Directorate has taken up appropriate investigation under the Foreign Exchange Management Act, 1999 (FEMA) into the alleged contravention of FEMA by Cedar Support Services Ltd, Bharti Wal Mart Pvt Ltd and Bharti Retail Ltd, relating to receipt of Foreign Direct Investment (FDI) in multi-brand retail trading by Bharti Retail Ltd, he said.

The agency was investigating the receipt of FDI of Rs 455.80 crore by Cedar Support Services Ltd and Rs 139.33 crore by Bharti Wal Mart Pvt Ltd, the affidavit said.

PTI



First Published: Friday, March 01, 2013, 20:58


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