Indian court docket rejects ByteDance’s plea to unblock financial institution accounts

    Mumbai: An Indian court docket on Tuesday dismissed its plea to take away its financial institution accounts, surprising China’s Bytdans, who’re investigating alleged tax evasion by federal authorities.

    In mid-March, an Indian tax intelligence company ordered HSBC and Citibank in Mumbai to freeze the accounts of ByteDance India because it investigated a few of the agency’s monetary offers. Bytdance challenged the court docket’s transfer that the freeze quantity of harassment was achieved illegally.

    A authorities lawyer stated that Bytdance owed the officers about 790 million rupees (US $ 11 million), the Excessive Courtroom in Mumbai stated the corporate would want to maintain the blocked quantity in a state-run financial institution.

    That “account will probably be frozen”, the two-judge bench stated.

    (Reporting by Abhirup Roy in Mumbai; Writing by Aditya Kalra; Enhancing by Sanjeev Miglani)


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