The Enforcement Directorate, froze 55.51 billion rupees of Xiaomi assets in April, alleging the company made illegal remittances to foreign entities by passing them off as royalty payments. Last week, an appellate body confirmed the seizure.
The company denies any wrongdoing.
Xiaomi has previously said its royalty payments were all legitimate and truthful, adding it will “continue to use all means to protect the reputation and interests.”
Many Chinese companies have struggled to do business in India due to political tensions following a border clash in 2020. India has cited security concerns in banning more than 300 Chinese apps since then, including popular ones such as TikTok, and also tightened rules for Chinese companies investing in India.
with inputs from agencies
