Tuesday, December 6, 2022

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

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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 passing them off as royalty payments. Last week, an appellate body confirmed the seizure.

Xiaomi, which denies any wrongdoing, challenged the asset freeze in the High Court of southern Karnataka state, saying in its legal filing it “is severely disproportionate and has effectively halted the operations” of the company.

Xiaomi and Samsung are market leaders in India’s smartphone market, the world’s second biggest after China, based on data from Counterpoint, with an 18 percent share each.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: Gadgets360

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