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Delhi High Court: ED should decide on VIVO case by Wednesday

11:10 PM Jul 08, 2022 IST | India Legal
delhi high court  ed should decide on vivo case by wednesday
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The Enforcement directorate was directed by the Delhi High Court for deciding the representation of smartphone manufacturer Vivo’s representation by coming Wednesday.

The plea was finally heard after the Advocate Siddharth Luthra, appearing
for Vivo, raised a demand for the case of Vivi to be heard by the Delhi High court on the urgent basis.

The ED was directed by Justice Yashwant Varma  to gather instructions on Vivo’s plea challenging the bank account freezing by the ED on July 5.

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The petitioner in it a report submitted that the Directorate of Enforcement conducted a sudden search
at its registered office in Gurugram and also at its manufacturing unit located at Greater Noida, Uttar Pradesh till late hours .

The company was handed a seizure memo ,for which  the company was later refrained from submitting the representation.

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The complaint wanted to  highlight on the monthly division of 2,826 crore rupees between statutory dues, rents, salaries etc.

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It was further contended by the petitioner that on a close perusal of written statement given by the ED, it was concluded that the authorized officer had no reasons to believe that Vivo has committed any acts relating to money laundering, which is against the
provisions of Section 17 of Prevention of Money Laundering Act, 2002.

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The agency has frozen all the bank accounts of Chinese smartphone manufacturer, Vivo on July 5 on the
belief that Vivo had remitted 62,476 crore rupees to China to avoid payment of taxes in India.

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