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Xiaomi India: The counsel for the company argued that the seizure was unnecessary and under Section 37A of FEMA even the necessity of suspicion is not required. Even the qualification of the "authorised officer" to take action was not prescribed.
The counsel for the company argued that the seizure was unnecessary and under Section 37A of FEMA even the necessity of suspicion is not required. Even the qualification of the "authorised officer" to take action was not prescribed.
ED had ordered the seizure of Rs 5,551.27 crore in the accounts of Xiaomi for allegedly violating FEMA rules.
The competent authority appointed under Section 37A of the Foreign Exchange Management Act (FEMA) on Friday confirmed the seizure order of ₹5,551.27 crores by Enforcement Directorate against Xiaomi Technology India Private Limited, ED said in a press release
Sunil Baby was awarded as one of the top 100 contributors to a decade of success at Xiaomi in 2020.