Enforcement Directorate (ED) has issued show-cause notices to Xiaomi Technology India, top executives of Xiaomi and three banks in the FEMA violation case of Rs 5,551 crore. Among them are CFO Sameer Rao and former MD Manu Jain.
ED said that the notice has been issued under the Foreign Exchange Management Act.
The probe agency said that the competent authority appointed under section 37A of FEMA has confirmed this seizure order.
Confirming the seizure, the authority said that the ED is correct in its belief that foreign exchange equivalent to Rs 5,551 crore has been transferred out of India in an unauthorized manner by Xiaomi India.
The investigating agency says that it can be confiscated as per the provisions of Section 4 of FEMA, 1999 and Section 37A of FEMA.
After completion of the investigation under FEMA, a show cause notice is issued by the ED. Once the charge is settled, the companies concerned have to pay the penalty as per the rules.
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