Bombay HC asks ByteDance to deposit Rs 79 crore to access Rs 60 crore of frozen funds
Bombay HC asks ByteDance to deposit Rs 79 crore to access Rs 60 crore of frozen funds
The Bombay High Court has asked Chinese company ByteDance to deposit nearly Rs 79 crore to gain access to its blocked bank accounts.
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UPDATED: April 6, 2021 19:14 IST
Bombay High Court has dismissed a petition by ByteDance to unblock its two bank accounts. (Photo: Reuters)
The Bombay High Court on Tuesday asked Chinese internet company ByteDance to deposit Rs 78.91 crore in a fixed deposit account at a nationalised bank to operate its two blocked bank accounts that have roughly Rs 60 crore.
ByteDance approached the HC last month denying all tax evasion allegations and seeking various reliefs.
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MUMBAI: The Bombay High Court on Tuesday permitted Chinese company ByteDance to operate its Indian bank accounts, that had been frozen by the Goods and Services Tax (GST) authorities over alleged tax evasion, after depositing a sum of Rs 78.91 crore in a state-run bank.
A bench of Justices SP Deshmukh and Abhay Ahuja directed ByteDance to deposit Rs 78.91 crore in any nationalised bank towards the demand raised by the GST authorities and said the company could operate its other Indian bank accounts and utilise the remaining funds.