Wal-Mart and other retailers lobbied for years to gain access to India's market, lured by the promise of a middle class that will one day rival China's.
The RBI has also referred alleged violation of the Foreign Exchange Management Act to the Directorate of Enforcement for investigation in regard to both Bharti Wal-Mart and e-commerce venture Flipkart Online Services.
M P Achuthan, Rajya Sabha member from Kerala, who blew the whistle on the company flouting FDI norms in India, has submitted a petition to the Prime Minister's Office, revealing details of how Walmart violated norms while investing $100 million in Cedar Support Services, a company that was earlier known as Bharti Retail Holdings. He speaks to Manu A B about the MNC
Asked for comments about Commerce and Industry Minister Anand Sharma informing the Rajya Sabha in September that Wal-Mart had made the investment in Cedar via its Mauritius arm but the RBI had no FDI data of the same, Mittal said: "I have no idea. We have given everything what is required".
US retail chain Walmart is awaiting a decision by its board decision on its India strategy, including its partnership with the Bharti group.
Former Walmart India head Raj Jain has been roped in as an advisor by the Bharti Group, which on Wednesday parted ways with the US retail giant to operate stores independently in India.
US retail giant Walmart has asked the government for more time to convert $100 million of debentures held in a Bharti Group unit, an investment that's being investigated for alleged violation of norms.
Ramnik Narsey, the new chief, had joined the retail giant in May 2013.
Deciding to focus on the cash-and-carry segment in India, retail giant Wal-Mart plans to open 50 wholesale stores in the next four to five years to expand its footprint in the country.
Walmart acquired Bharti's 50 per cent stake in the wholesale joint venture.
The government will initiate fresh action against Walmart if an ongoing 'foreign corrupt practices' probe by US authorities reveals any violation in India by the global retail giant.
Global retail giant Walmart has got fair trade regulator CCI's green signal for purchase of Bharti group's almost 50 per cent stake in their Indian joint venture for wholesale stores business.
The one-year extension would give Walmart and its Indian joint venture partner in the cash and carry business, Bharti Group, more time to sort things out and decide on a retail foray together, people in the know said.
After ending its wholesale partnership with Walmart, Bharti Retail has decided to merge with the Future group
This could mean an end to the talks for a possible partnership between the two firms in the multi-brand retail space -- less than a year after 51 per cent foreign investment was allowed in the sector.
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