ED seizes Rs. 5,551 crores of Xiaomi India: Details here

The Enforcement Directorate, on Saturday, seized assets worth Rs. 5,551.27 crores of Xiaomi Technology India Private Limited. As per the agency, Xiaomi TechnologyIndia Pvt Ltd– a wholly-owned subsidiary of the China-based Xiaomi group– was found in contravention of the Foreign Exchange Management Act, which lays down rules for the transfer and receipt of foreign funds […]