- Wal-Mart doubles small-store expansion amid weak sales and lowered outlook
- 2014 Retail Store of the Year: And the winners are …
- Wal-Mart launches money transfer service between stores
- Wal-Mart cuts profit forecast on sluggish Q2
- Walmart to install LEDs in ceilings, cutting lighting energy use by 40%
New York -- According to multiple reports on Thursday, Wal-Mart Stores Inc.'s India unit has received a notice from a federal government agency regarding alleged violations of the country’s foreign investment rules.
A spokesman for Wal-Mart said: “We will be working to provide the authorities with relevant information,” but didn’t elaborate on the contents of the notice.
Bharti Walmart Pvt. Ltd., a joint venture between Wal-Mart and India's Bharti Enterprises Ltd., operates 20 wholesale stores in the country.
The investigation launched after a complaint in September by a local politician, who alleged that a Wal-Mart unit in 2010 purchased $100 million of convertible debentures in a company through which Bharti Enterprises controls the Easyday supermarket chain.
The complainant – M.P. Achuthan – alleged the transaction was illegal because the money was used by Bharti to fund investments in its supermarkets.