India’s Huawei Chief Executive Granted Some Relief After Court Ruling

Share This Post

A local court in India has stated that the offense allegedly committed by Huawei Telecommunications (India) chief executive Li Xiongwei is a bailable one. 

In the bail plea hearing, Li Xiongwei asked the court to dismiss the look-out-circular instituted by the income tax department, preventing him from traveling outside the country. The court agreed with his plea, especially since he had met the bail conditions. Part of his bail conditions was that he provided two sureties who would guarantee his return. In the ruling, the court clarified that both sureties must be Indian citizens.

Defending its position, the court stated that since Li is a foreign national, in any event, if he leaves the country and refuses to return, his personal bond with the court may become worthless. To prevent such from happening, the court has instructed Li to place on record “an interest-bearing FDR of Rs. 5 Lakh.” 

Hence, if Li’s personal bond is voided, the court would rely on the fixed deposit receipt (FDR). Upon meeting those conditions, the court has now accepted the personal bond of Rs. 5 lakh provided by Li.

Matter on ground

It should be recalled that Li, the chief executive of Huawei Technologies, India, a Chinese national, was prevented from leaving India on May 1 to attend a meeting on behalf of his parent company. Due to the LOC put in place by the income tax department, Li wasn’t allowed to board. This caused him to petition the local court against the LOC.

While the income tax department stated that its reason for instituting the LOC against Li was because the institution is still carrying out further investigations, which requires Li to be available, the court has added that the alleged offense is bailable. So there is no reason he shouldn’t be allowed to travel, especially after meeting the courts’ bail conditions and taking out a personal bond of Rs. 5 lakh. 

Nitish Vaibhav
Nitish Vaibhav
Nitish Vaibhav is the Founder of the The Trading Bay. A computer science engineer turned an Entrepreneur 5 years ago. He has been in trading since 4 years in Forex and Crypto using his price action strategies. Involved in Content Creation full time for 3 years, Nitish is top rated writer on many content writing websites. He is also a YouTuber in India making videos about Crypto and Forex.

Related Posts

Best Pharma Stocks List – Top 6 Pharma Stocks To Buy Now

The pharmaceutical market is considered one of the most...

Best Crypto Exchange in India – List of Top 5 in 2022

Cryptocurrency enthusiasts in India are more passionate than ever...

What is Options Trading? How Does Options Trading Work?

Options are a leading financial derivate in the investment...

What Is Polygon MATIC? A Detailed Guide to Polygon Crypto & Network

The Polygon MATIC network has swiftly risen to prominence...

What Is Sandbox? Everything You Need To Know About The Sandbox Metaverse

Setting the stage for a new digital age, many...

Blue Chip Stocks Explained: What Are Blue Chip Stocks?

While the investing domain is generally labeled as high-risk-prone...
Would love your thoughts, please comment.x