Published 2 years ago

India court declines relief to Xiaomi over $676 mln asset freeze

Summary by Ground News

India's federal financial crime agency, the Enforcement Directorate, froze 55.51 billion rupees of Xiaomi assets in April. It alleges the company made illegal remittances to foreign entities by passing them off as royalty payments. Xiaomi, which denies any wrongdoing, challenged the asset freeze in the High Court.

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Times of India

HC declines relief to Xiaomi over $676 million asset freeze

India Business News: BENGALURU: The Karnataka high court on Thursday declined to lift a freeze on Xiaomi Corp's $676 million worth of assets, even as the Chinese smartphon.

2 years ago·India

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Reuters

India court declines relief to Xiaomi over $676 mln asset freeze

An Indian court on Thursday declined to lift a freeze on Xiaomi Corp's $676 million worth of assets, even as the Chinese smartphone group said this enforcement action had "effectively halted" its operations in its key Indian market.

2 years ago·United Kingdom

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Channel News Asia

India court declines relief to Xiaomi over $676 million asset freeze

BENGALURU : An Indian court on Thursday declined to lift a freeze on Xiaomi Corp's $676 million worth of assets, even as the Chinese smartphone group said this enforcement action had "effectively halted" its operations in its key Indian market.India's federal financial crime agency, the Enforcement Direct

2 years ago·Singapore

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Live Mint

Karnataka HC declines relief to Xiaomi over $676 million asset freeze

Xiaomi, which denies any wrongdoing, had challenged the asset freeze in Karnataka High Court, saying in its legal filing it ‘is severely disproportionate and has effectively halted the operations’ of the company

2 years ago·New Delhi, India

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Business Standard

Karnataka HC declines relief to Xiaomi India over Rs 5,551-cr asset freeze

The competent authority, formed under the Foreign Exchange Management Act, 1999 (FEMA), confirmed the order of the ED to seize the assets of the smartphone company on September 19.

2 years ago·India

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NDTV Gadgets 360

Xiaomi's Appeal for Relief Over $676 Million Asset Freeze Declined in India

An Indian court on Thursday declined to lift a freeze on Xiaomi's $676 million (nearly Rs. 5,500 crore) worth of assets, even as the Chinese smartphone group said this enforcement action had "effectively halted" its operations in its key Indian market. India's federal financial crime agency, the Enforcement Directorate (ED), froze Rs. 5,551 crore of Xiaomi assets in April, alleging the company made illegal remittances to foreign entities by pass…

2 years ago

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