India court rejects Xiaomi’s challenge to $676 million asset freeze – Live Law

NEW DELHI (Reuters) – A court in India’s Karnataka state has rejected China-based Xiaomi Corp’s petition challenging the seizure of 55.51 billion rupees ($676.35 million) by the Enforcement Directorate, news website Live Law reported on Friday.

India’s federal financial crime agency froze Xiaomi’s assets last year, alleging the company had made illegal remittances to foreign entities by passing them off as royalty payments. The company denies any wrongdoing.


($1 = 82.0725 Indian rupees)

(Reporting by Tanvi Mehta; Editing by Krishna N. Das)