July 18, 2012 12:38 PM

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Centre to SC: Auction route to allot natural resources to affect foreign investment in country

The Central government has submitted before the Supreme Court that the foreign investment in the country will be affected if auction is made the only route for allocation of natural resources. Attorney General GE Vahanvati told a five-judge constitution bench headed by Chief Justice SH Kapadia yesterday.The AG was referring to Obama's remarks that India prohibited foreign investment in too many sectors such as retail. The government contended that apex court's verdict on 2G case will have huge implication on foreign investment in the country.

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