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On Thursday, the Karnataka High court stayed the order issued by the enforcement directorate, which had directed for the assets worth Rs 5551.27 crore of M/s Xiaomi Technology India Private Limited. ED charged the brand under the Foreign Exchange Management Act, 1999.
The decision was given by a single judge bench chaired by Justice Hemant Chandangoudar. The judgement stated that HC would put a stay on the order, but it will be subject to the fact that the bank account of the petitioner that has been seized shall only be used to carry out day to day activities of the company.
Karnataka HC stays ED Order Seizing Xiaomi India assets
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