Court relief for Xiaomi India, frees Rs 3,700 crore FDs, sets conditions

New Delhi: The Karnataka High Court has granted partial relief to Xiaomi India, setting aside a Rs 3700 crore seizure order of the company’s fixed deposit accounts passed by the Deputy Commissioner of Income Tax, Bengaluru, on August 11, 2022.

“The impugned provisional attachment order at Annexure-A dated 11.08.2022 passed by the 1st respondent in respect of the subject fixed deposits accounts of the petitioner is hereby set aside,” Justice S.R. Krishna Kumar ruled, in an order dated December 16 but uploaded on its website on Tuesday.