Tag: Xiaomi Assets

Karnataka HC declines relief to Xiaomi, company says India operations ‘effectively halted’

Karnataka HC declines relief to Xiaomi, company says India operations ‘effectively halted’

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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 Directorate, froze 55.51 billion rupees of Xiaomi assets in April, […]

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Xiaomi India ED case: Company says all ‘payments’ done via RBI-approved banking channels

Xiaomi India ED case: Company says all ‘payments’ done via RBI-approved banking channels

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Xiaomi India has issued an in-depth statement regarding the assets worth Rs 5,551.27 crore that were seized by the Foreign  Exchange Management Act (FEMA) authority, claiming that nearly 84 per cent of the same is due to be paid as royalties to Qualcomm. Xiaomi’s assets were seized for alleged violations of foreign exchange regulations with […]

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