Xiaomi’s problems in India will go from bad to worse, writes ugalani
Indian tax officials in February froze 37 billion rupees of deposits in local bank accounts of China’s Xiaomi as part of an investigation into alleged tax evasion, Reuters reported exclusively on May 12, citing two sources and a court filing.
It is one of two legal tussles in the country involving Xiaomi. On May 7, India’s Enforcement Directorate, an agency that investigates financial crime, said it had put a block on $725 million of the company’s funds, accusing Xiaomi of making illegal foreign remittances to three foreign entities “in the guise of royalty” payments.
Xiaomi’s lawyers told the court that banks were not allowing the company to make necessary payments, even though the court had allowed it to use funds for purposes other than royalty payments. On May 12, the judge allowed Xiaomi to use a bank overdraft facility for such payments. The agency’s move comes after Xiaomi said in a court filing that its top executives faced threats of “physical violence” and coercion during questioning by enforcement officials, contentions that the agency has dismissed as untrue.People walk past Xiaomi, a Chinese manufacturer of consumer electronics, store in Mumbai, India, May 11, 2022.
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