Karnataka High Court granted temporary relief to Xiaomi India


In the Enforcement Directorate (ED) probe, the Karnataka High Court granted temporary relief to Xiaomi India, a wholly-owned subsidiary of the China-based Xiaomi Group.


Xiaomi's accounts holding funds worth INR 5,551.27 Cr were seized under an ED order dated April 29, 2022, for violating the provisions of the Foreign Exchange Management Act (FEMA), 1999. According to ET, special judge Hemant Chandanagoudar stated in the order that the interim order would allow the petitioner company (Xiaomi India) to operate its seized bank accounts for day-to-day operations. The next hearing in the case is scheduled for May 12.

2 views0 comments