Saturday, 6 May, 2023

Xiaomi Challenges FEMA Violation Notice Issued by India's ED in Court

Chinese electronics company Xiaomi has challenged the foreign exchange violation notice issued by India's Enforcement Directorate (ED) regarding a $1.3 billion fund raise. The company has filed a writ petition in the Delhi High Court, stating that the notice issued was contrary to the law and unconstitutional. Xiaomi has been accused of violating the Foreign Exchange Management Act by failing to follow the required procedures for issuing equity shares.