K'taka HC rejects Xiaomi's plea challenging ₹5,551-cr asset freeze

The Karnataka High Court rejected Xiaomi India's petition challenging the ₹5,551-crore asset freeze by the Enforcement Directorate. Last year, India unit of Chinese smartphone maker Xiaomi's assets were seized in connection with "illegal outward remittances". The ED had alleged that the company made illegal remittances to foreign entities by passing them off as royalty payments.