Wal - Mart to probe India operations
WAL-MART, the US retailer, has launched an official enquiry into alleged violations of the American Foreign Corrupt Practices Act (FCPA), even as opinion is divided amongst political circles on allowing FDI into single brand/multi brand retail shops in India by foreign investors.
Wal-Mart’s probe into operations follows its earlier probe in Mexico, Brazil and China along with India. The US Department of Justice and the US Securities and Exchange Commission (SEC) launched investigations that Wal-Mart bribed Mexican officials to help open more quickly greater number of stores in that country. Wal-Mart has begun making similar inquiries in Brazil and China so as to widen the probe allegations that began in Mexico.
In India, Wal - Mart operates wholesale stores in a joint venture with Bharti Enterprises Ltd, The BhartiWalmart Private Ltd, established in 2008 operates 20 stores in the country.
“We have taken compliance with the FCPA quite seriously. We are committed to having a strong and effective global compliance programme in every country in which we operate . We are spending large resources to strengthen such compliance programmes,” said a spokesperson of the company.
Bloomberg News had first reported that FCP and Wal-Mart became aware of alleged violations while launching a global review of the compliance review programmes which was confirmed by Wal-Mart filing with the SEC. Several members of Wal-Mart have filed lawsuits against the firm including its current and former directors as well as former and present officers of the Mexican outfit.
TN Govt - owned cable company may not get licence
THE Tamil Nadu Arasu Cable TV Corp Ltd , re-launched in 2011 by Chief Minister J Jayalalithaa to curb the activities of Maran family owned Sumangali Cable, reportedly faces the danger of not getting a licence from the I & B ministry in Delhi to run this cable TV network.