New Delhi: In the midst of the FDI in retail push, controversy continues to surround Walmart's investments in Bharti Retail. Trinamool Congress chief and West Bengal Chief Minister Mamata Banerjee has demanded that the deal between the two companies be terminated. The world's largest retailer Walmart has come under question in India for the nature and manner of its investment in Bharti retail. Rajya Sabha member and CPI leader MP Achuthan raised the matter in Parliament during the monsoon session and now Mamata Banerjee has also gone public with a demand that the investment be annulled for alleged violation of Indian norms.
New facts emerging from a mix of sources allege that a March 2010 investment by Walmart Holdings worth Rs 456 crore in Cedar Support Services Ltd, a company that was originally known as Bharti Retail Holdings, was illegal, with the entire structure rigged in a manner that was aimed at getting around the complete bar on foreign investment in the Indian multi-brand retail sector.
Sources have provided CNBC-TV18 with a detailed account of these allegations. Detailed questionnaires were sent to the Bharti group as well as Walmart. While the latter did not respond to any of the queries, a Bharti spokesperson said, "We are in complete compliance of all regulations. All details have been shared with the relevant authorities."
The allegation is that Cedar Support Services (earlier Bharti Retail Holdings) was carrying out multi-brand retail business in India through a 100 per cent subsidiary
01:42 PM, Oct 10, 2012
New Delhi: Expressing disappointment at the government's decision to put on hold the FDI in retail decision, players in the sector on Saturday said a political consensus must be arrived soon in the interest of consumers and farmers. "There is no reason why consensus cannot be built on this issue. FDI in retail will benefit farmers and consumers, who will have to now strongly come in the support of the...
07:14 PM, Dec 03, 2011