{"id":44406,"date":"2022-05-23T16:58:00","date_gmt":"2022-05-23T11:28:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=44406"},"modified":"2022-05-23T16:55:32","modified_gmt":"2022-05-23T11:25:32","slug":"ka-hc-xiaomi-assets","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/ka-hc-xiaomi-assets\/","title":{"rendered":"Karnataka HC extends stay on ED order seizing Xiaomi India assets"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-717840760\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>The Karnataka High Court on Monday extended the stay on the Enforcement Directorate&#8217;s (ED) order of freezing Rs 5,551 crore in the bank accounts of Xiaomi India.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-549776224\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>Justice S G Pandit extended the stay till June 1, with the hearing of the case posted to that day.<\/p>\n<p>The ED froze Xiaomi&#8217;s accounts on April 29 alleging that it has violated the Foreign Exchange Management Act (FEMA) by illegally transferring money abroad to three companies under the guise of royalty payments.<\/p>\n<p>In an interim order on May 5, a vacation bench of the High Court stayed this order.<\/p><div class=\"trade-content_5\" id=\"trade-2475567819\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>&#8220;Operation of the order is stayed subject to the condition that petitioners will operate the bank accounts which are seized only for the purpose of meeting the expenses for carrying out the day-to-day activities of the company,&#8221; the HC said in its interim order on May 5.<\/p>\n<p>Subsequently on May 12, the HC modified its interim order and allowed the company to draw overdraft from the banks to meet these expenses. However, on both the occasions, the company was expressly barred from using the money to pay royalty to companies outside India. PTI COR RS HDA HDA<\/p>\n<div class=\"trade-after-content\" id=\"trade-2365376221\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The Karnataka High Court on Monday extended the stay on the Enforcement Directorate&#8217;s (ED) order of freezing Rs 5,551 crore in the bank accounts of Xiaomi India. Justice S G Pandit extended the stay till June 1, with the hearing of the case posted to that day. The ED froze Xiaomi&#8217;s accounts on April 29 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":13467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31,1789],"tags":[],"class_list":["post-44406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news","category-trending-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Karnataka HC extends stay on ED order seizing Xiaomi India assets - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/ka-hc-xiaomi-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Karnataka HC extends stay on ED order seizing Xiaomi India assets\" \/>\n<meta property=\"og:description\" content=\"The Karnataka High Court on Monday extended the stay on the Enforcement Directorate&#8217;s (ED) order of freezing Rs 5,551 crore in the bank accounts of Xiaomi India. 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