₹5.5k crore seized under FEMA, but no word on why it was necessary: Xiaomi to Karnataka High Court

Xiaomi's counsel asserted that Section 37A of the FEMA was manifestly arbitrary since it conferred unbridled powers on the authorities to seize property.
Karnataka High Court, Xiaomi
Karnataka High Court, Xiaomi

While ₹5,500 crore has been seized from the bank accounts of Xiaomi India, there is no whisper as to why such seizure under Section 37A of the Foreign Exchange Management Act (FEMA) was necessary, the Chinese tech company argued before the Karnataka High Court on Monday.

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