karnataka: Xiaomi gets relief from Karnataka HC, can use ED-seized accounts for now | Business

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May 06, 2022, 08:43AM ISTSource: Mirror Now

The Karnataka high court granted Xiaomi Technology India a conditional stay on Thursday with regard to the April 29, 2022 Enforcement Directorate (ED) order whereby Rs 5,551.2 crore was seized by invoking provisions of the Foreign Exchange Management Act (Fema), 1999. It allows Xioami to operate its seized bank accounts for day-to-day activities. The next hearing is on May 12.

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