ASG directed to file probe report on Walmart FDI
By Express News Service - CHENNAI
08th November 2012 09:50 AM
A division bench of the Madras High Court on Wednesday directed the Additional Solicitor General P Wilson to give the status of the investigation on the investment made by US retail giant Walmart in Cedor Support Services and Bharti Group companies in India.
The bench comprising Justices R Banumathi and K K Sasidharan gave the direction when the public interest writ petition from T Vellaiyan, president of the Federation of Traders Associations, came up on Wednesday.
Earlier, the court was informed that the Reserve Bank of India (RBI) had referred the company’s $100 million FDI investment in the Indian companies to the Enforcement Directorate (ED) for investigation. The Centre told the judges that the RBI had already referred the matter to the ED for probe under the provisions of FEMA. It was referred to the ED on November 2.
Recording the statement of Wilson, who said that since the ED was seized of the matter nothing survived in the PIL, the judges asked him to get instructions from the Centre with regard to the action taken pursuant to the reference made by the RBI and the stage of investigation.
Before adjourning the matter by three months, the judges said since the ED was seized of the matter, it was not proper to consider the merits or otherwise of the contention including the maintainability of the petition at this stage.
In view of the submissions of Wilson that the ED was seriously looking into the matter and after holding a detailed investigation, the agency would arrive at a definite finding as to whether the FEMA provisions were violated, the judges told him to obtain instrruction from the ED with regard to the action taken.
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