Stay updated with breaking news from Xiaomi Assets. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Xiaomi, which denies any wrongdoing, challenged the asset freeze in the High Court of southern Karnataka state, saying in its legal filing it "is severely disproportionate and has effectively halted the operations" of the company.
![Fact check: Xiaomi operations to continue in India; slams baseless reports [truth here] - Vimarsana News](https://data1.ibtimes.co.in/en/full/776497/fact-check-xiaomi-operations-continue-india-slams-baseless-reports-truth-here.png)
The speculations originated from Pakistan amid ongoing case of seizure of Xiaomi's Rs 5,551.27 crore assets in India. But Xiaomi's response was swift in this matter.
Following an Indian order that froze Chinese smartphone maker Xiaomi Corp's assets worth $682 million, the company on Sunday said it was "disappointed" with it and would continue to protect its interests. An Indian appellate authority on Friday had confirmed an April order by the Enforcement Directorate to seize Rs 55.51 billion, saying a probe found Xiaomi had made illegal remittances to foreign entities by passing them off as royalty payments.
Xiaomi had denied any wrongdoing, saying its "royalty payments and statements to the bank are all legit and truthful".
India seizes $725 million of Xiaomi assets over illegal remittances