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The Hindu
The Hindu
National
Special Correspondent

FEMA violation: Karnataka High Court says it cannot interfere with proceedings unless Xiaomi furnishes bank guarantee for ₹5,551 crore

ED FEMA Xiaomi Karnataka

The High Court of Karnataka on Thursday said it cannot grant an interim order in favour of M/s Xiaomi Technology India Pvt Ltd unless the company furnishes a bank guarantee for ₹5,551.27 crore in the proceedings initiated against it for allegedly transferring the said amount outside India in violation of the Foreign Exchange Management Act (FEMA).

Justice N.S. Sanjay Gowda made these observations orally while hearing a petition filed by Xiaomi. The company has challenged the September 29, 2022, order passed by the competent authority under FEMA confirming the seizure order of ₹5,551.27 crore issued by the Enforcement Directorate (ED) on April 29.

Company’s contention

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