New Delhi 06 October 2022

As per news report of NDTV, In a petition filed on October 3, the company has challenged the September 29, 2022 order of the Foreign Exchange Management Act (FEMA) Competent Authority which confirmed the April 29 seizure order of the Enforcement Directorate (ED). The ED had earlier this year ordered the seizure of ₹ 5,551.27 crore in the accounts of Xiaomi for allegedly violating FEMA rules and transferring money in the guise of royalty to three companies outside India. The company had approached the High Court earlier this year against this order. The High Court had, however, ordered it to approach the Competent Authority under FEMA.

Source - NDTV

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