Xiaomi approaches Karnataka High Court again over seizure of assets
Chinese consumer electronics company Xiaomi Technology India Private Limited has once again approached the Karnataka High Court. In a petition filed on October 3, the company has challenged the September 29, 2022 order of the Foreign Exchange Management Act (FEMA) Competent Authority which confirmed the April 29 seizure order of the Enforcement Directorate (ED).
The ED had earlier this year ordered the seizure of Rs 5,551.27 crore in the accounts of Xiaomi for allegedly violating FEMA rules and transferring money in the guise of royalty to three companies outside India.
The company had approached the HC earlier this year against this order. The HC had, however, ordered it to approach the Competent Authority under FEMA.
On Thursday, the vacation bench of Justice N S Sanjay Gowda heard the petition by Xiaomi. Xiaomi sought an interim order but had not produced the Competent Authority’s order copy. It sought for dispensation of the same.
Read more at: ECONOMIC TIMES
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