Tamil Nadu traders up in arms against Walmart

The Tamil Nadu Traders Association has opposed FDI in multi-brand retail. They have also alleged that Walmart had started multi-brand retail operations in India before 51% FDI was allowed.

According to the traders association, Walmart put in around Rs 456 crore into Cedar Support Services which was earlier called Bharti Retail Holding. The investment was made via compulsory convertible debentures. The traders association is alleging that Cedar used this money to do the ground work for Walmart's entry into India.  They have filed a petition in the Madras High Court.

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