Piyush Goyal the Minister of Commerce and Industry on Friday referring to the controversies over e-commerce and audit companies said: “strictest of actions will be taken on those are not abiding the law."
In a meeting with members of the Confederation of Indian Industry in Mumbai held on Friday Goyal said “I can assure you that nobody at all who has not done any wrong will have any problem. But at the same time, those who have indulged in any wrongdoing, I can equally assure you that there will be the strictest of action because truly that is the only way, we can change the culture and mindset of this country,”
He warned the companies who are avoiding the rules on foreign direct investment (FDI) in e-commerce.
Speaking on the same also said, "We have a policy that in multi-brand retail, only 51 percent is allowed when it comes to FDI. We stand of action because truly that we are firm on that and I would urge everybody to follow that, to respect that, to respect. The moment you recognized that reality and make your business accordingly, there will be no problem.”
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He did not take the names of the auditors but indirectly urged these top four auditors PwC, Deloitte, KPMG, and EY to stick to the law.
I would urge you all. If there are any lawyers in the room, please pardon me if there are those four bigs (sic) in the room, double pardon me, but please stop giving advice which is not in the spirit of the law that is prevalent in India,”
“Go by the spirit of the law. Spirit of the law takes round-tripping very seriously and if any of you have done that, better to acknowledge that and come clean and close the chapter, rather than struggling to evade the law