An Indian tax intelligence unit in mid-March ordered HSBC and Citibank in Mumbai to freeze bank accounts of ByteDance India as it probed some of the unit's financial dealings, a move the company is challenging in a Mumbai court.
DJI, which has become a symbol of Chinese innovation since it was founded in 2006, is one of dozens of companies caught in the crossfire of trade and diplomatic hostilities between Washington and Beijing, like Huawei and Bytedance.
ByteDance, the Chinese company that owns the short video app TikTok, agreed to the settlement after more than a year of litigation.
The investigation comes as Italy announced it had temporarily blocked access to TikTok for users whose age could not be proved definitively.
Talks between TikTok and US negotiators will resume even after the deadline passes.
The move comes after a federal court in Pennsylvania blocked the Trump administration from carrying out the ban, which had been ordered on claims TikTok posed a national security threat.
TikTok’s Chinese owner ByteDance files petition with US court to delay deadline set by Trump administration for it to restructure ownership in the country, saying it needs more clarity on whether its proposed solutions were acceptable to Washington.
The ban on new downloads of TikTok was delayed once by the government. A more comprehensive ban is scheduled for November.
ByteDance's TikTok deal with Oracle will need approval from both China and US. However, President Donald Trump is raising questions about the company's plans to keep a majority stake in US operations.
If the transaction happens, Oracle would become ByteDance's technology partner responsible for the management of TikTok's data and take a minority stake in TikTok, according to sources.
The popular video sharing app is up for sale in the US where it has become one of the most downloaded applications.
TikTok's decision comes weeks after US President Donald Trump signed an executive order giving Americans 45 days to stop doing business with video app's Chinese parent company, Bytedance.
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