Xiaomi Technology India, CFO Sameer Rao, former MD Manu Jain, and three foreign banks have been issued show-cause notices by the Adjudicating Authority under the Foreign Exchange Management Act (FEMA). The reason behind the notices is yet to be disclosed.
Top officials of Xiaomi Technology India have been issued a show cause notice by the Enforcement Directorate in a significant development. CFO Sameer Rao, former MD Manu Jain, and three foreign banks have been issued notices for purportedly committing foreign exchange violations amounting to over Rs 5,551 crore.
Xiaomi Technology India, along with its officials and three banks, has been issued a show-cause notice by the Adjudicating Authority under the Foreign Exchange Management Act (FEMA). The notice was issued following a complaint filed by the Enforcement Directorate (ED) regarding the company’s alleged illegal remittances amounting to ₹5551.27 crores. This information was disclosed in a statement released by the ED on Friday.
In a recent development, Xiaomi Technology India Private Limited, along with two of its executives and three banks, namely CITI Bank, HSBC Bank, and Deutsche Bank AG, have been issued show-cause notices by the adjudicating authority under the Foreign Exchange Management Act. As per the agency’s statement, the reason behind the notices is yet to be disclosed.
