The Indian Court charged rule against Xiaomi Chinese
smartphone company involving in a case and seizure of asset of
$676 million, sources told reuters on Friday.
According to Enforcement Directorate of India, in 2014 Xiaomi
came to India and in 2015 the Xiaomi’s began transfers money
unlawfully abroad, with misleading inforamtion to bank
providing by them Chinese company RS 5,551.27 crore.
However, Xiaomi has refused the allegations which charged on
them based on tranfers money.
According to the agnecy, Xiaomi activities, violate Section 4 of
the Foreign Exchange Management Act (FEMA) restricts the
right of acquire, hold, own, possess immovable property
situated outside India for Chinese company.
“How Xiaomi and other foreign companies affected by this decision”
India’s fastest growing smartphone brands Xiaomi, get’s blown
up by this decision of court. In recent years, Xiaomi invested
humongously invested in India, by setting up manufacturing
facilities, making jobs and launching a various range of
smartphones to cater’s to the country’s price-sensitive
consumers.
This highlights the increasement in investigation and continuity
in challenges faced by foreign companies in India, especially for
China.
From 2020, Chinese companies found complicated to do
buisness in India, caused because of political conflicts on border
Skirmish. Since, then India has banned over 300 Chinese apps ,
including popular app TIK-TOK for security concerns.
Kunal Kumar Parbat (BJMC IV)
Leave a Reply
You must be logged in to post a comment.