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.
The case has been scheduled for next hearing on 6 April.
01 Apr, 2021 - 05:43 PM IST | By indiantelevision.com Team
KOLKATA: TikTok’s parent company ByteDance continues to remain in limbo as Bombay high court granted no relief in the case where the company challenged Indian authorities’ decision to freeze the its bank accounts.
According to a Reuters report, the court heard the plea on Wednesday. Despite ByteDance counsel Prakash Shah submitting that the company was bleeding and needed to withdraw funds for operational expenditures like staff salaries and rent, the court gave no relief.
Shah also added that four of the company’s bank accounts have been frozen. The next hearing in the matter is set for 6 April.