Is it the end of Xiaomi’s dream run in India?
Indian court declines to lift a freeze on Xiaomi Corp's over
Rs 5,550 crores worth of assets halting its operations in its key Indian market
The company has allegedly made illegal payments to foreign entities by passing them off as royalty
Xiaomi is one of the two biggest leaders in India, the world’s second-biggest smartphone market, with an 18% market share, as per Counterpoint
Xiaomi sought to end the freeze by seeking relief, but the court asked for it to provide bank guarantees covering the frozen assets
If Xiaomi agrees to make payments, , it might be unable to pay salaries to Indian employees ahead of Diwali and it will cause a huge dent in its festive sales
Xiaomi previously said its royalty payments were all legitimate and truthful, and will "continue to use all means to protect the reputation and interests"
Amid this tension, reports claimed, Xiaomi might shift its base out of India and relocate to Pakistan. However, the company has denied these claims
If the reports are true, not only the salaries and Diwali bonus for Indians might be in limbo, but there could be a job scare too
Produced by: Bhoomika Aggarwal
Designed by: Mohsin Shaikh
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