PMO orders probe into Walmart-Bharti deal
11 Oct 2012
A day after Prime Minister Manmohan Singh vowed legislation to book corporates indulging in violation of rules, the Prime Minister's Office (PMO) today ordered a probe into the alleged violation of FDI norms by US retail giant Walmart and its Indian partner Bharti, a CNBC TV 18 report said today.
The PMO on Thursday ordered a probe into the deal struck between US retail giant Walmart and Indian retail major Bharti after allegations of norms violations by Communist Party of India (CPI) Rajya Sabha MP from Kerala, MP Achuthan, the report said.
Trinamool Congress chief and West Bengal chief minister Mamata Banerjee had also, on Wednesday, demanded that the deal between the two companies be terminated.
The PMO has directed the Department of Industrial Policy and Promotion (DIPP) to examine the charges, according to the report.
The investment deal by Walmart with Bharti violated FDI norms, according to Achuthan, who charged the US company of end-use violations. He also charged Walmart of deliberate intent to bypass rules.
Achuthan raised the matter in Parliament during the monsoon session.
