The Union Cabinet is soon expected to discuss the Justice Mukul Mudgal Panel report on Walmart’s alleged lobbying activities to enter Indian market and the subsequent action taken report by the Corporate Affairs Ministry.
Corporate Affairs Minister Sachin Pilot said the Cabinet could not deliberate in detail on the Mudgal Panel’s findings on Thursday on account of other important decisions that were taken, including that of Telangana.
“We had a very short discussion on the report. It will be taken up for consideration when we meet next time,” Pilot told reporters on the sidelines of a CII event.
The Government had set up the Mudgal panel in January to initiate a probe after reports on Walmart’s lobbying activities to gain access into the Indian market created a furore in Parliament.
NSEL issue
Pilot also said that reports on the inspection of books of the National Spot Exchange Ltd (NSEL), initiated by his Ministry, were expected in the next few weeks.
Early this week, the Ministry had ordered inspection of books of the crisis-ridden NSEL and its promoter Financial Technologies (India) Ltd under Section 209A of the Companies Act. This was after the Finance Ministry had asked various Ministries and departments to take action against NSEL pertaining to their domain. The beleaguered NSEL owes about Rs 5,600 crore to about 13,000 investors, represented by 148 members.
Tata-Unitech probe
Replying to a query on the Tata-Unitech probe, Pilot said the Serious Fraud Investigation Office was working on the report on the alleged ‘dubious’ transactions between the two entities. “We should be able to get the final report in the next few days,” Pilot said.
The Mumbai unit of the SFIO had reportedly conveyed to the Ministry in April that the Rs 1,700 crore given by the Tata Group to Unitech Group was meant to enable the latter to purchase telecom licences in January 2008. This SFIO finding is part of a larger probe initiated against Vaishnavi Corporate Communications.