Karnataka HC extends stay on ED order freezing Xiaomi India assets
Bengaluru, May 23: The Karnataka High Court on Monday extended the stay on the Enforcement Directorate's (ED) order of freezing Rs 5,551 crore in the bank accounts of Xiaomi India.
Justice S G Pandit extended the stay till June 1, with the hearing of the case posted to that day.
The ED froze Xiaomi's accounts on April 29 alleging that it has violated the Foreign Exchange Management Act (FEMA) by illegally transferring money abroad to three companies under the guise of royalty payments.
In an interim order on May 5, a vacation bench of the High Court stayed this order.
"Operation of the order is stayed subject to the condition that petitioners will operate the bank accounts which are seized only for the purpose of meeting the expenses for carrying out the day-to-day activities of the company," the HC said in its interim order on May 5.
Subsequently on May 12, the HC modified its interim order and allowed the company to draw overdraft from the banks to meet these expenses. However, on both the occasions, the company was expressly barred from using the money to pay royalty to companies outside India.
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AIADMK chief Palaniswami holds meeting with party MLAs from TN at pvt resort in Pondy
Puducherry (PTI): AIADMK general secretary Edappadi K Palaniswami on Thursday held a meeting with the newly elected MLAs from Tamil Nadu at a private resort near Ariyankuppam on the outskirts of Puducherry.
Nearly 40 legislators were present at the meeting, which lasted nearly one hour.
Party sources said that Palaniswami asked the MLAs-elect to remain united and be patient.
"Good things will emerge and hence you should all remain united and patient in the resort in the next couple of days," he told the MLAs.
The development comes amid TVK's attempts to secure a majority in the 234-member strong Tamil Nadu Assembly. The Congress party, which has 5 MLAs, has already extended support to the TVK.
In the TN Assembly election, the TVK has won 108 seats, the DMK 59, AIADMK 47, Congress 5, PMK 4, IUML 2, CPI 2, CPI-M 2, and the VCK 2. The BJP, DMDK and AMMK have got 1 seat each.
TVK is five short of the required 118 MLAs to form its first government in Tamil Nadu.
Puducherry AIADMK state secretary and lone MLA A Anbalagan, along with party functionaries received Palaniswami at the resort.
