The Karnataka High Court denied interim relief to Xiaomi India by upholding the confirmation of the Competent Authority appointed under the Foreign Exchange Management Act, 1999’s seizure of INR 5551.27 Cr (FEMA). During a hearing on Thursday (October 6), the Court denied the interim relief request.
A vacation bench of Justice NS Sanjay Gowda denied Xiaomi’s request for interim relief. The Karnataka High Court stayed the Enforcement Directorate’s (ED) seizure order issued on April 29 and allowed the company to continue operating its bank accounts on a day-to-day basis. Senior advocate Udaya Holla appeared before the bench on behalf of Xiaomi, requesting that the interim order be extended.
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The Karnataka High Court denied interim relief to Xiaomi India by upholding the confirmation of the Competent Authority appointed under the Foreign Exchange Management Act, 1999’s seizure of INR 5551.27 Cr (FEMA). During a hearing on Thursday (October 6), the Court denied the interim relief request.
A vacation bench of Justice NS Sanjay Gowda denied Xiaomi’s request for interim relief. The Karnataka High Court stayed the Enforcement Directorate’s (ED) seizure order issued on April 29 and allowed the company to continue operating its bank accounts on a day-to-day basis. Senior advocate Udaya Holla appeared before the bench on behalf of Xiaomi, requesting that the interim order be extended.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
