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Andhra Pradesh
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Hyderabad
Steps urged to get back depositors' money from Korean firm
Special Correspondent
HYDERABAD:
The State council of CPI has appealed to the Prime Minister, Manmohan Singh, to take steps to get the deposits of Indian distributors, who have been allegedly duped by the Korean MNC, Lucky Goldstar Corp., refunded.
Addressing a press conference here on Wednesday, its Assistant Secretary, K. Narayana, said M/s. LG had collected deposits of Rs. 170 crores from its Chennai-based Indian marketing agency, India Household and Healthcare Ltd., and 500 distributors. Following the decision of the Indian Government to withdraw `Press Note 18' which protected the financial rights of agents in Foreign Direct Investment (FDI), the Korean firm abruptly cancelled its collaboration and asked the distributors to disband the products. M/s. LG was obviously interested in doing business in the country directly to earn more profits.
Dr. Narayana said allowing foreign multi-nationals to directly market its products in India would lead to influencing domestic products. The consumer market could be exploited by them to meet their ends.
In China, which he visited a few days ago, the MNCs did business through the local agencies, he said and warned that free hand for FDI meant giving unbridled freedom to MNCs.
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