Bombay HC ask ByteDance to deposit Rs 79 crore to access Rs 60 crore of frozen funds

The Bombay High Court has asked Chinese company ByteDance to deposit nearly Rs 79 crore to gain access to its blocked bank accounts.

The Bombay High Court on Tuesday asked Chinese internet company ByteDance to deposit Rs 78.91 crore in a fixed deposit account at a nationalised bank to operate its two blocked bank accounts that have roughly Rs 60 crore. Bombay High Court Justices SP Deshmukh and Abhay Ahuja informed the same to legal representatives of ByteDance as it dismissed its petition to unblock the two bank accounts. Two of ByteDance’s bank accounts were blocked by GST authorities, citing pending dues of the company amounting to Rs 78.91 crore. Senior advocates Rafiq Dada and Vikram Nankani, who appeared for ByteDance, said, “This is a crisis situation, not just outside but even within the system.”