Enforcement directorate (ED) has been conducting investigations against Xiaomi India for allegedly remitting foreign exchange abroad through unauthorised way under the image of royalties
Xiaomi India denied reports of the company shifting its base from India to Pakistan during a clampdown on its operations by the government agencies.
Reports said that after being targeted by the Indian government, Xiaomi India has “almost halted” its operations in India. Further added that it may move its operations to Pakistan after getting its assets worth 676 million dollar froze by the Indian government.
“The tweet giving such information is completely false and baseless. Back in July 2014 Xiaomi entered India market.
Enforcement directorate (ED) has been conducting investigations against Xiaomi India for allegedly remitting foreign exchange abroad through unauthorised way under the image of royalties.
In the last week, an official confirmed an ED seizure order of the company’s bank assets of volume Rs 5551.27 crore.
Xiaomi India challenged the constitutional validity of the confirmation order at the Karnataka High Court, seeking a stay order, on 7 October.
However, refusing to grant stay order, a so-called relief, the court asked the company to furnish bank guarantee of the seized amount to protect the state’s interests preventing the company’s operations from coming to an end.