Xiaomi India official denied that business was transferred from India to Pakistan
Earlier, Indian media said that Xiaomi may transfer its business from India to Pakistan after the government freezes its assets. This report is also very persuasive, because before, Indian government agencies seized Xiaomi's assets worth more than 55.51 billion rupees (about 4.78 billion yuan), which is really likely to make Xiaomi transfer some Indian companies to Pakistan. However, the official of Xiaomi India soon came forward and declared that these rumors were "totally wrong and groundless".
On October 8, Indian media 91 mobile said that since the beginning of 2022, Xiaomi seems to be under pressure in India. The law enforcement bureau (ED), income tax department and customs department accused Xiaomi of tax evasion. These government agencies impounded Xiaomi's assets worth more than 55.51 billion rupees (about 4.78 billion yuan) on the grounds that Xiaomi had illegally remitted money. However, Xiaomi denied this statement in a statement.
Last week, a law enforcement agency confirmed the seizure. Xiaomi again denied wrongdoing and challenged the assets freeze in the Karnataka High Court. A Reuters report showed that the court refused to grant any relief for the seizure until the investigation was completed. Hours after the court order was issued, a new report claimed that Xiaomi was transferring its business from India to Pakistan. Subsequently, Xiaomi responded to the report and denied such claims& nbsp;
Xiaomi India officials denied reports that the company transferred its business from India to Pakistan after the government froze its assets. The company called the rumours "totally false and unfounded".
"This tweet is totally false and groundless. Xiaomi entered India in 2014. Within a year, we started the journey of 'Made in India'. 99% of our smartphones and 100% of our TVs are made in India. We will take all measures to protect our reputation from false and inaccurate statements." Xiaomi made a statement on October 7.
The Karnataka High Court ordered Xiaomi India to first provide bank guarantees covering 5551 million rupees of frozen assets. Xiaomi's lawyer said that the bank guarantee would require the company to deposit the full amount. This will make it difficult for the company to carry out operations, pay salaries and purchase inventory before Diwali sales, which is usually at the peak of consumption.
Xiaomi already has a lot of industries in India. Even if it wants to transfer to Pakistan, it will not be now, because it has just deployed many industries, and it is too hurt to transfer now. However, the reports of Indian media are not groundless. It is really because the frozen assets are too large. If you change it into a small editor, you will want to escape.
