Comments
The Mukul Mudgal Committee has found prima facie violation of FDI guidelines by Cedar, an Indian company in which Bharti Walmart holds shares.
However, it refrained from commenting further, as the issue is being investigated by the Enforcement Directorate (ED). The committee was set up to look into allegation of lobbying by the US-based company.
Officials in the Department of Industrial Policy and Promotion said that it was too early to comment on the matter. But, in its observation included in a note to the Cabinet Committee on Economic Affairs, the Department said that certain press notes issued by it earlier have now been formally notified under the Foreign Exchange Management Act and such notification may have a bearing on the case under investigation by the ED.
In the report, the Committee said: “There have been ambiguities in the replies given to the committee by Bharti Walmart. Initially, it was said that Cedar was incorporated in 2010. Subsequently, it was stated that, in 2009, the object (terms) of Cedar was changed.”
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.