ED summons former Xiaomi head in investigation
By MYBRANDBOOK
The Enforcement Directorate (ED) has summoned Manu Kumar Jain, a former India head of Xiaomi, in an investigation of whether the company’s business practices conformed with Indian foreign exchange laws.
The ED has gathered the documents related to the remittances and is searching the transactions to determine if they were in accordance with the FEMA rules. Jain is currently a global vice-president at Xiaomi.
ED is investigating the “existing business structures between Xiaomi India, its contract manufacturers and its parent entity in China” and the fund flow between Xiaomi India and the parent entity, “including royalty payments."
Xiaomi, a Chinese company, has been under investigation by the ED since February this year and Jain has been asked to appear before officers now. Jain currently lives in Dubai, but he is in India right now.
The ED also had sent a notice to Xiaomi earlier in February, addressed to Jain who used to be the Managing Director for India, asking for various company documents, which included details of foreign funding, shareholding and funding patterns, financial statements and information of key executives.
Xiaomi said in a statement that they abide by all Indian laws and are “fully compliant with all regulations” and added that they are “cooperating with authorities with their ongoing investigation to ensure they have all the requisite information”.
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