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A court has quashed the income tax department's block on China-based Xiaomi Corp's fixed deposits worth Rs 37 billion, two people familiar with court proceedings said today.
ED had ordered the seizure of Rs 5,551.27 crore in the accounts of Xiaomi for allegedly violating FEMA rules.
Xiaomi case: The enforcement directorate (ED) had seized the money saying Xiaomi had illegally transferred funds abroad to three entities
Xiaomi India has equivocally denied any wrongdoing on its part. Xiaomi India claims its royalty payments and statements to the bank are legitimate.