Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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        LATEST NEWS UPDATES | Walmart&#039;s investment in Cedar violates FEMA, RBI rules: CBI -Rasul Bailay    </title>
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-The Economic Times



NEW DELHI: The Central Bureau of Investigation (CBI) has said Walmart's $100-million investment in Cedar Support Services, the holding company of Bharti Retail, in 2010, violated India's foreign exchange rules as well as Reserve Bank of India (RBI)..."/>
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-The Economic Times



NEW DELHI: The Central Bureau of Investigation (CBI) has said Walmart's $100-million investment in Cedar Support Services, the holding company of Bharti Retail, in 2010, violated India's foreign exchange rules as well as Reserve Bank of India (RBI)..." />
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    <h1 class="cat-box-title">Walmart&#039;s investment in Cedar violates FEMA, RBI rules: CBI -Rasul Bailay</h1>
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                            <div align="justify">-The Economic Times</div><p align="justify"><br /><em>NEW DELHI: </em>The Central Bureau of Investigation (CBI) has said Walmart's $100-million investment in Cedar Support Services, the holding company of Bharti Retail, in 2010, violated India's foreign exchange rules as well as Reserve Bank of India (RBI) guidelines but said as these violations did not fall within its purview, it cannot investigate the matter.</p><p align="justify">&quot;The case was analysed which reveals violations of RBI guidelines and Fema regulations,&quot; the CBI said in a letter addressed to CPI Rajya Sabha member MP Achuthan. But the investigating agency added that it could not investigate the matter further as Fema violations do not fall within its purview.</p><p align="justify">CBI was replying to a letter Achuthan had written to the Prime Minister in early 2012 about potential violations of foreign investment rules by Walmart. The letter was also copied to the CBI as well as the Central Vigilance Commission. CVC had replied to Achuthan saying that it has forwarded his request to the Chief Vigilance Officer in the Ministry of Commerce.</p><p align="justify">The Enforcement Directorate, the agency that probes alleged FEMA violations, is currently investigating the Walmart transaction. It has already summoned Bharti and Walmart officials as part of its ongoing probe. In March 2010, Wal-Mart, through its Mauritius subsidiary, had invested the $100 million in the form of Compulsorily Convertible Debentures (CCD) into Cedar Support with the option to convert those CCDs into 49% equity into the company in the future.</p><p align="justify">Last year, Achuthan wrote to the Prime Minister, alleging that the $100 million investment by Walmart was illegally routed to fund retail operations of Bharti Retail. This fund infusion was made at a time when foreign direct investment was banned in this sector.</p><p align="justify">&quot;We are in compliance with India's FDI Guidelines and, as we have stated, we have cooperated with the government during this process. The Central Government has sought information and clarification that has been provided by us,&quot; a Walmart India spokeswoman said in an e-mailed reply.</p><p align="justify">A Bharti Spokesperson declined to comment on the CBI findings but the company has in the past maintained that it has strictly followed the Indian laws while receiving the $100 million into Cedar. </p>                                                           
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    <h1 class="cat-box-title">Walmart&#039;s investment in Cedar violates FEMA, RBI rules: CBI -Rasul Bailay</h1>
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                            <div align="justify">-The Economic Times</div><p align="justify"><br /><em>NEW DELHI: </em>The Central Bureau of Investigation (CBI) has said Walmart's $100-million investment in Cedar Support Services, the holding company of Bharti Retail, in 2010, violated India's foreign exchange rules as well as Reserve Bank of India (RBI) guidelines but said as these violations did not fall within its purview, it cannot investigate the matter.</p><p align="justify">&quot;The case was analysed which reveals violations of RBI guidelines and Fema regulations,&quot; the CBI said in a letter addressed to CPI Rajya Sabha member MP Achuthan. But the investigating agency added that it could not investigate the matter further as Fema violations do not fall within its purview.</p><p align="justify">CBI was replying to a letter Achuthan had written to the Prime Minister in early 2012 about potential violations of foreign investment rules by Walmart. The letter was also copied to the CBI as well as the Central Vigilance Commission. CVC had replied to Achuthan saying that it has forwarded his request to the Chief Vigilance Officer in the Ministry of Commerce.</p><p align="justify">The Enforcement Directorate, the agency that probes alleged FEMA violations, is currently investigating the Walmart transaction. It has already summoned Bharti and Walmart officials as part of its ongoing probe. In March 2010, Wal-Mart, through its Mauritius subsidiary, had invested the $100 million in the form of Compulsorily Convertible Debentures (CCD) into Cedar Support with the option to convert those CCDs into 49% equity into the company in the future.</p><p align="justify">Last year, Achuthan wrote to the Prime Minister, alleging that the $100 million investment by Walmart was illegally routed to fund retail operations of Bharti Retail. This fund infusion was made at a time when foreign direct investment was banned in this sector.</p><p align="justify">&quot;We are in compliance with India's FDI Guidelines and, as we have stated, we have cooperated with the government during this process. The Central Government has sought information and clarification that has been provided by us,&quot; a Walmart India spokeswoman said in an e-mailed reply.</p><p align="justify">A Bharti Spokesperson declined to comment on the CBI findings but the company has in the past maintained that it has strictly followed the Indian laws while receiving the $100 million into Cedar. </p>                                                           
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        LATEST NEWS UPDATES | Walmart&#039;s investment in Cedar violates FEMA, RBI rules: CBI -Rasul Bailay    </title>
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-The Economic Times



NEW DELHI: The Central Bureau of Investigation (CBI) has said Walmart's $100-million investment in Cedar Support Services, the holding company of Bharti Retail, in 2010, violated India's foreign exchange rules as well as Reserve Bank of India (RBI)..."/>
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    <h1 class="cat-box-title">Walmart&#039;s investment in Cedar violates FEMA, RBI rules: CBI -Rasul Bailay</h1>
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                            <div align="justify">-The Economic Times</div><p align="justify"><br /><em>NEW DELHI: </em>The Central Bureau of Investigation (CBI) has said Walmart's $100-million investment in Cedar Support Services, the holding company of Bharti Retail, in 2010, violated India's foreign exchange rules as well as Reserve Bank of India (RBI) guidelines but said as these violations did not fall within its purview, it cannot investigate the matter.</p><p align="justify">&quot;The case was analysed which reveals violations of RBI guidelines and Fema regulations,&quot; the CBI said in a letter addressed to CPI Rajya Sabha member MP Achuthan. But the investigating agency added that it could not investigate the matter further as Fema violations do not fall within its purview.</p><p align="justify">CBI was replying to a letter Achuthan had written to the Prime Minister in early 2012 about potential violations of foreign investment rules by Walmart. The letter was also copied to the CBI as well as the Central Vigilance Commission. CVC had replied to Achuthan saying that it has forwarded his request to the Chief Vigilance Officer in the Ministry of Commerce.</p><p align="justify">The Enforcement Directorate, the agency that probes alleged FEMA violations, is currently investigating the Walmart transaction. It has already summoned Bharti and Walmart officials as part of its ongoing probe. In March 2010, Wal-Mart, through its Mauritius subsidiary, had invested the $100 million in the form of Compulsorily Convertible Debentures (CCD) into Cedar Support with the option to convert those CCDs into 49% equity into the company in the future.</p><p align="justify">Last year, Achuthan wrote to the Prime Minister, alleging that the $100 million investment by Walmart was illegally routed to fund retail operations of Bharti Retail. This fund infusion was made at a time when foreign direct investment was banned in this sector.</p><p align="justify">&quot;We are in compliance with India's FDI Guidelines and, as we have stated, we have cooperated with the government during this process. The Central Government has sought information and clarification that has been provided by us,&quot; a Walmart India spokeswoman said in an e-mailed reply.</p><p align="justify">A Bharti Spokesperson declined to comment on the CBI findings but the company has in the past maintained that it has strictly followed the Indian laws while receiving the $100 million into Cedar. </p>                                                           
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    <br><a href="http://economictimes.indiatimes.com/news/news-by-industry/services/retail/walmarts-investment-in-cedar-violates-fema-rbi-rules-cbi/articleshow/21166107.cms" class="re" target="_blank">The Economic Times, 20 July, 2013, http://economictimes.indiatimes.com/news/news-by-industry/services/retail/walmarts-investment-in-cedar-violates-fema-rbi-rules-cbi/articleshow/21166107.cms</a><div class="clear"></div>
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Walmart's investment in Cedar violates FEMA, RBI rules: CBI -Rasul Bailay

Published on Jul 20, 2013   Modified on Jul 20, 2013

-The Economic Times NEW DELHI: The Central Bureau of Investigation (CBI) has said Walmart's $100-million investment in Cedar Support Services, the holding company of Bharti Retail, in 2010, violated India's foreign exchange rules as well as Reserve Bank of India (RBI) guidelines but said as these violations did not fall within its purview, it cannot investigate the matter. "The case was analysed which reveals violations of RBI guidelines and Fema regulations," the CBI said in a letter addressed to CPI Rajya Sabha member MP Achuthan. But the investigating agency added that it could not investigate the matter further as Fema violations do not fall within its purview. CBI was replying to a letter Achuthan had written to the Prime Minister in early 2012 about potential violations of foreign investment rules by Walmart. The letter was also copied to the CBI as well as the Central Vigilance Commission. CVC had replied to Achuthan saying that it has forwarded his request to the Chief Vigilance Officer in the Ministry of Commerce. The Enforcement Directorate, the agency that probes alleged FEMA violations, is currently investigating the Walmart transaction. It has already summoned Bharti and Walmart officials as part of its ongoing probe. In March 2010, Wal-Mart, through its Mauritius subsidiary, had invested the $100 million in the form of Compulsorily Convertible Debentures (CCD) into Cedar Support with the option to convert those CCDs into 49% equity into the company in the future. Last year, Achuthan wrote to the Prime Minister, alleging that the $100 million investment by Walmart was illegally routed to fund retail operations of Bharti Retail. This fund infusion was made at a time when foreign direct investment was banned in this sector. "We are in compliance with India's FDI Guidelines and, as we have stated, we have cooperated with the government during this process. The Central Government has sought information and clarification that has been provided by us," a Walmart India spokeswoman said in an e-mailed reply. A Bharti Spokesperson declined to comment on the CBI findings but the company has in the past maintained that it has strictly followed the Indian laws while receiving the $100 million into Cedar.

The Economic Times, 20 July, 2013, http://economictimes.indiatimes.com/news/news-by-industry/services/retail/walmarts-investment-in-cedar-violates-fema-rbi-rules-cbi/articleshow/21166107.cms

Tagged with: Wal-Mart Walmart FDI CBI Central Bureau of Investigation

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