‘It’s the right time to move on’, why Xiaomi India chief Manu Jain said this after his resignation

New Delhi. Manu Kumar Jain, who was the Global Vice President and Head of the Indian unit of Chinese company Xiaomi, which manufactures mobile phones and other electronic products, resigned from the post on Monday. He was serving in the company for the last nine years. He has given this resignation amid the ongoing tussle between the Enforcement Directorate (ED) and Xiaomi. The ED has accused the company of violating the Foreign Exchange Management Act (FEMA). Jain tweeted, “Change is the only constant in life. Last nine years, I consider myself lucky to have received so much love. Because of this it is difficult to say goodbye. Thank you everyone.

When Xiaomi came to India in 2014, Jain was the main executive of the company. Manu Jain shared a letter on Twitter and gave information about his decision. He said, “When I joined Xiaomi in 2014, the company had just started its journey in India. The first few years were full of ups and downs. We started as a one-person startup from a small office. We were the smallest of hundreds of smartphone brands. We also had limited resources and no experience in this industry. But due to the efforts of a brilliant team, we have been able to create a brand that the nation has loved a lot.”

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right time to move on
Manu Jain says that now is the right time for him to move on from here. He said that now the company has amazing leadership people from all over the world. He said that the last 9 years have been really wonderful and he will always keep in his heart the love he got from fans, partners, team members and friends. Manu Jain has said that he will now go on leave for a few months before taking up his next professional responsibility.

Company on target of ED
At the end of September last year, the Enforcement Directorate (ED) ordered the seizure of the company’s assets worth Rs 5,551 crore in India. This was the biggest seizure so far under FEMA. The ED had alleged that the company was illegally transferring the profits earned from the country to companies outside the country under the guise of royalty. Significantly, the ED had ordered the confiscation of the company’s property in April 2022 itself, but it was stayed after Xiaomi filed an appeal in the Karnataka High Court.

Tags: business news, business news in hindi, Directorate of Enforcement, Xiaomi

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