High Court has asked ED to Decide on Vivo Representation to Defreeze
Accounts by Tuesday, 12 July
Chinese smartphone maker Vivo has approached a court in New Delhi seeking to quash an
Indian enforcement agency's decision to freeze its bank accounts, arguing the
move was "bad in law" and will harm the company's business
operations, a court filing shows.
The filing, submitted by Vivo India to the Delhi High
Court, said the company would not be able to pay statutory dues and salaries
due to the account block.
India's financial crime agency said on Thursday it had
blocked 119 bank accounts linked to Vivo's India
business and its associates that were holding $58.76 million, as part of a
probe into alleged money laundering by the smartphone maker.
Vivo has said that it was cooperating with authorities
and was committed to fully complying with Indian laws. Vivo's
court filing listed 10 of its bank accounts as affected by the decision.