61 firms get show cause notices for FDI. Wait till you hear the names

The Directorate of Enforcement has issued show cause notices to as many as 61 firms. This includes illustrious names in the industry like Emaar MGF Land, Sahara India Commercial Corp and McDonald's India for violation of FDI norms over three years.

"The Directorate has issued show cause notices on 61 companies for contravention of FDI norms during the last three financial years and the current financial year," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.

Other companies found guilty include Libero Sports India, Risco Impex Co, Swift Chemicals, Salem Steel Industries, Spring Technologies and Westcot Hotels. The directorate probes companies under Foreign Exchange Management Act, 1999 (FEMA) to detect violations FDI norms. Such cases are referred by the RBI to the Directorate of Enforcement.

India attracted nearly $9.45 billion FDI during April-May this fiscal.

Image credit: Indiatimes