Walmart India Head Raj Jain Resigned; Ramnik Narsey to Serve as Interim Head
US retail giant WalMart on 26 June 2013 announced that the India unit head Raj Jain resigned from the company.
US retail giant WalMart on 26 June 2013 announced that the India unit head Raj Jain resigned from the company. Ramnik Narsey was named as the interim head of India operations. Raj Jain served WalMart for six years. Ramnik Narsey, as of now, was the senior vice president for Walmart International.
Raj Jain had joined WalMart in the year 2006. In 2007, he was made the India head of the company. It is important to note that his exit followed the investigations by WalMart over allegations of the corruption against the company in all foreign markets, which also include India. In March 2011, WalMart, the US-based company initiated the worldwide review of the policies, internal controls as well as practices for Foreign Corrupt Practices Act (FCPA) compliance.
In the meanwhile, the enforcement directorate (ED) has been probing 455.8 crore Rupees investment by WalMart in the subsidiary of Bharti Ventures- Cedar Support Services Ltd on the grounds of illegal investments as well as infringement of the FDI rules under FEMA and Prevention of Money Laundering Act (PMLA).