HC directs Vivo to give ₹950 crore bank guarantee to ED to operate frozen bank accounts
The Hindu
The high court also asked the company to maintain a balance of ₹251 crore in the bank accounts, which was there at the time of freezing of the accounts, and the amount shall not be used till further orders.
The Delhi High Court Wednesday allowed Chinese smartphone maker Vivo to operate its various bank accounts frozen by the Enforcement Directorate in connection with a money-laundering probe subject to furnishing of a bank guarantee of ₹950 crore within a week with the agency.
Justice Yashwant Varma also directed the company to give details to ED about its remittances and issued notice to the investigating agency on Vivo's plea seeking quashing of the order freezing its various bank accounts.
ED contended that presently the proceeds of crime have been quantified to ₹1200 crore.
The high court also asked the company to maintain a balance of ₹251 crore in the bank accounts, which was there at the time of freezing of the accounts, and the amount shall not be used till further orders.
The court granted one week to the ED to file its response to the petition and listed the matter for further hearing on July 28.
Besides seeking quashing of the freezing order, Vivo has sought permission to deal with its frozen bank accounts for making payments towards certain liabilities.
The probe agency on July 5 raided several places across the country in the money laundering investigation against Vivo and related firms.
