ED probing FDI violations by multi-brand retail cos: Govt
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ED probing FDI violations by multi-brand retail cos: Govt

Last Updated: Monday, March 04, 2013, 16:25
 
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ED probing FDI violations by multi-brand retail cos: Govt
New Delhi: The Enforcement Directorate is probing alleged violation of foreign exchange regulations by certain firms engaged in multi-brand retail.

"Directorate of Enforcement is taking appropriate action under Foreign Exchange Management Act, 1999 (FEMA), in the matter of receipt of FDI by companies engaged in multi-brand retail," Minister of State for Finance S S Palanimanickam informed the Lok Sabha in a written reply.

"As the investigations are currently underway, it would not be appropriate in public interest to furnish the details thereof," he added.

In a separate question, Minister of Corporate Affairs Sachin Pilot informed the Rajya Sabha that the government appointed committee which is investigating alleged corruption charges against retail giant Walmart in India will submit its report by April.

"Vide resolution dated January 31, 2013 a committee, under the Justice Mukul Mudgal former Chief Justice of Punjab and Haryana High Court has been constituted...," Pilot said.

"The committee is to submit its report within three months from issuance of the...Resolution," he added.

According to Pilot, the committee has been asked to inquire into recent media reports on disclosures of Walmart before the US Senate regarding their lobbying activities.

It is also mandated to probe if Walmart undertook any activities in India in contravention of any Indian law and any other matter relevant or incidental to the case.

As per the lobbying disclosure reports filed by Walmart with the US Senate, the company has spent close to USD 25 million (about Rs 125 crore) since 2008 on its various lobbying activities, including on the issues related to enhanced market access for investment in India.


PTI



First Published: Monday, March 04, 2013, 16:25


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