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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Disproportionate assets case: Got sanctions to prosecute Satyendar Jain, CBI tells court
New Delhi (PTI): The CBI on Monday informed a Delhi court that it had obtained requisite sanctions to prosecute AAP leader and former Delhi minister Satyendar Jain in a disproportionate assets' case.
The central probe agency made the submission before special judge Jitendra Singh, who posted the hearing on January 22.
The judge observed a supplementary chargesheet was filed against Jain in the case on January 4.
It was alleged by the CBI that the minister, while functioning as a public servant, amassed assets disproportionate to his known sources of income to the extent of approximately Rs 1.62 crore between February 14, 2015 and May 31, 2017.
