On Friday, the Karnataka High Court upheld the seizure of Rs 5,551.27 crore from Xiaomi India for violation of the Foreign Exchange Management Act (FEMA).
The Enforcement Directorate (ED) had seized the amount from the company’s account & this was upheld by the Competent Authority. Xiaomi had challenged the Competent Authority’s order in the HC.
Justice M Nagaprasanna dismissed the petition today, holding that it was valid under Section 37 A of FEMA. However, liberty was granted to Xiaomi to approach the Appellate Tribunal & challenge the Competent Authority’s order under Section 37A(5).
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