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Disappointed with the decision: Xiaomi on ED seizing assets
short by Anisha Joneja / on Sunday, 2 October, 2022
Xiaomi said that the company is "disappointed with the decision" of FEMA authority, which approved an order of seizure of over ₹5,551 crore worth of deposits. The company said over 84% of the ₹5,551.27 crore were royalty payments made to US company Qualcomm. "We believe our royalty payments and statements to the bank are all legitimate and truthful," Xiaomi said.
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