Smartphone maker Xiaomi is betting big on the Rs. 10,000-Rs. 15,000 device segment to regain its lost market share, a senior official of the company said on Friday. Xiaomi India President, Muralikrishnan B said that the company has come up with a reset strategy and will focus to be “India’s…
Xiaomi India CFO Sameer Rao, former MD Manu Jain and three banks are said to have received show-cause notice from the Enforcement Directorate (ED). According to an official, the ED has served show-cause notice for FEMA violation of over Rs. 5,551 crore. The Enforcement Directorate (ED) on Friday confirmed in…
Chinese smartphone maker Xiaomi on Friday reported a record drop in fourth-quarter revenue as the company weathered a slowdown in consumption and disruptions due to China’s COVID-19 curbs. Early signs suggest China’s economy will only rebound slowly, as consumers remain cautious about spending money despite an easing of restrictions on…
Chinese smartphone maker Xiaomi is winding down its financial services business in India, according to a recent report, citing sources familiar with the matter. The company recently pulled its Mi Pay and Mi Credit apps in India from the local Play Store and its own app store, the report from TechCrunch…
The competent authority under the Foreign Exchange Management Act (FEMA) has approved an order of seizure of over Rs. 5,551 crore worth of deposits of Chinese mobile phone manufacturer Xiaomi, the highest amount frozen till date in India, the ED said on Friday. The Enforcement Directorate (ED) had issued the…
India should stop its “regulatory assault” on Chinese companies, state-backed Chinese newspaper Global Times said, after smartphone maker Xiaomi alleged threats of “physical violence” in Indian investigations. Reuters reported on Saturday that Xiaomi had told a court that its top executives faced threats and coercion during questioning by the Enforcement…
The Enforcement Directorate on Saturday rejected as “baseless” the allegations that the statements of Xiaomi India officials, the wholly-owned subsidiary of Chinese mobile manufacturing company Xiaomi, were recorded “under coercion”, saying the charges were an afterthought. The federal agency was responding to certain news reports that said Xiaomi alleged in…
Chinese smartphone maker Xiaomi has alleged its top executives faced threats of “physical violence” and coercion during questioning by India’s financial crime fighting agency, according to a court filing seen by Reuters. Officials from the Enforcement Directorate warned the company’s former India managing director, Manu Kumar Jain, current Chief Financial…
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