Chinese mobile manufacturer Vivo has moved the Delhi High Court challenging the freezing of bank accounts by the Enforcement Directorate (ED). The Delhi High Court has allowed the request for an urgent hearing.
Senior Advocate Siddharth Luthra mentioned the matter before Delhi High Court Chief Justice, stating, “We have thousands of employees, all our bank accounts have been frozen.”
Vivo India argued that freezing of accounts would not only impede business operations in India but also adversely affect those around the world.
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“If amounts in the petitioner’s bank accounts remain frozen, it would not be able to pay statutory dues to competent authorities under various enactments, leading to the petitioner being in further violation of law. The freezing also prevents payment of salaries to thousands of employees…” it said.
Now the matter is listed before Justice Yashwant Varma and will be heard by him.
The ED seized 119 bank accounts of various entities with Rs 465 crore including fixed deposits to the tune of 66 crores of Vivo India after conducting searches at 48 locations across the country.
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