FILE PHOTO: A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. REUTERS/Francis Mascarenhas
NEW DELHI (Reuters) -An Indian court has rejected Chinese phonemaker Xiaomi Corp's petition against the seizure of 55.51 billion rupees ($676 million), two sources familiar with the matter told Reuters on Friday.
Xiaomi's assets in India were frozen last year by the federal financial crime agency which alleged the company had made illegal remittances to foreign entities by passing them off as royalty payments.
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