Xiaomi "Disappointed" With 5,551 Crores Seizure, Says Will "Protect Interests"
NDTV
An appellate authority on Friday confirmed an order bythe Enforcement Directorateto seize 55.51 billion rupees, saying a probe found Xiaomi had made illegal remittances to foreign entities.
Chinese smartphone maker Xiaomi Corp on Sunday said it was "disappointed" with an Indian order that froze $682 million of its assets and would continue to protect its interests.
An Indian appellate authority on Friday confirmed an April order by the Enforcement Directorate to seize 55.51 billion rupees, saying a probe found Xiaomi had made illegal remittances to foreign entities by passing them off as royalty payments.
The Chinese smart devices firm in a statement on Sunday said that over 84 per cent of 55.51 billion rupees seized by the Enforcement Directorate earlier this year was the royalty payment made to US chipset company Qualcomm Group
"We will continue to use all means to protect the reputation and interests of the company and our stakeholders," it said.
