Bengaluru: State High Court on Monday Nay 23 extended stay on Enforcement Directorate’s order on freezing Xiaomi India assets.
The Xiaomi India assets are worth Rs. 5,551 Crore. A single judge bench of Justice S. G. Pandit adjourned the matter to June 1, and extended the earlier stay order until then.
It can be recalled here that the HC on May 5 had stated “Operation of the order is stayed subject to the condition that petitioners will operate the bank accounts which are seized only for the purpose of meeting the expenses for carrying out the day-to-day activities of the company”. ED has charged Xiaomi India for foreign exchange violations under the FEMA Act.
