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NSE, BSE to be closed on Nov 20 for Maharashtra assembly polls
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SC notice to Karnataka, DK Shivakumar on CBI plea against withdrawal of consent by state govt
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Incentive fund for SC/ST students of national institutes increased, says Minister Mahadevappa
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K’taka HC completes hearing in connection with Xiaomi India petition challenging ED order
PTI, Jun 16, 2022, 8:41 PM IST
The High Court of Karnataka has completed hearing on the petition by Xiaomi India challenging the Enforcement Directorate (ED) order seizing Rs 5,551.27 crore in its bank accounts.
A single judge bench of the High Court of Justice S G Pandit completed the hearing on Thursday.
The court heard the arguments by Additional Solicitor General M B Naragund on behalf of the ED and senior advocate S Ganeshan on behalf of Xiaomi.
The ED had alleged that Xiaomi was illegally transferring money to three foreign companies; two in USA and one in China, in the name of royalty payments. It was alleged that these payments are in contravention of Foreign Exchange Management Act (FEMA) laws.
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