Cedar Support Services

Global retail giant Walmart has trimmed its fourth-quarter profit guidance by 10 cents a share after scrapping a six-year venture with Bharti Retail in India and closing 50 stores in Brazil and China.

The Enforcement Directorate, which probed the alleged contravention of foreign exchange laws by Wal-Mart in its investments in domestic supermarket chain Bharti Enterprises, has found no violation of foreign direct investment (FDI) guidelines by the US multinational retail giant, according to PTI sources.

Wal-Mart, the world's largest retailer, has said it is studying the feasibility of India's foreign direct investment (FDI) policy in multi-brand retail before finalising plans to enter the segment, as the norms played a part in its break-up with Bharti Enterprises.

The Enforcement Directorate, which is probing alleged violations of forex laws by retail giant Walmart in its investment in two Indian firms, has asked the Department of Industrial Policy and Promotion to clarify rules governing FDI in the multi-brand retail sector.

It was an eventful year for the retail sector, where the government permitted foreign direct investment in multi-brand segment, as it courted controversies with several opposition parties, eventually turning into a political issue in Parliament.

The Reserve Bank has "not taken on record" the documents filed for investment of Rs 455 crore by Walmart into Bharti group firm Cedar Support Services and alleged FEMA violation in the matter has been referred to the Enforcement Directorate.

Wal-Mart Stores Inc prepared its entry into India's supermarket sector in 2010 with a $100 million investment into a consultancy with no employees, no profits and a scant $14,000 in revenue.

Bharti Enterprises has rejected allegations that it had violated rules in the investment by Wal-Mart Stores Inc in its subsidiary. "(There is) no violation. It is as per the law of the land," Bharti Enterprises Vice-Chairman and Managing Director Rajan Bharti Mittal told PTI.

Global retail giant Walmart has trimmed its fourth-quarter profit guidance by 10 cents a share after scrapping a six-year venture with Bharti Retail in India and closing 50 stores in Brazil and China.

The Enforcement Directorate, which probed the alleged contravention of foreign exchange laws by Wal-Mart in its investments in domestic supermarket chain Bharti Enterprises, has found no violation of foreign direct investment (FDI) guidelines by the US multinational retail giant, according to PTI sources.

Wal-Mart, the world's largest retailer, has said it is studying the feasibility of India's foreign direct investment (FDI) policy in multi-brand retail before finalising plans to enter the segment, as the norms played a part in its break-up with Bharti Enterprises.

The Enforcement Directorate, which is probing alleged violations of forex laws by retail giant Walmart in its investment in two Indian firms, has asked the Department of Industrial Policy and Promotion to clarify rules governing FDI in the multi-brand retail sector.

It was an eventful year for the retail sector, where the government permitted foreign direct investment in multi-brand segment, as it courted controversies with several opposition parties, eventually turning into a political issue in Parliament.

The Reserve Bank has "not taken on record" the documents filed for investment of Rs 455 crore by Walmart into Bharti group firm Cedar Support Services and alleged FEMA violation in the matter has been referred to the Enforcement Directorate.

Wal-Mart Stores Inc prepared its entry into India's supermarket sector in 2010 with a $100 million investment into a consultancy with no employees, no profits and a scant $14,000 in revenue.

Bharti Enterprises has rejected allegations that it had violated rules in the investment by Wal-Mart Stores Inc in its subsidiary. "(There is) no violation. It is as per the law of the land," Bharti Enterprises Vice-Chairman and Managing Director Rajan Bharti Mittal told PTI.