Bench of Justice Yashwant Varma, when he heard Vivo’s request asking permission to operate a frozen bank account, asked the company to comply with direction within seven working days.
The court also directs the Chinese company to submit details on bank activities and send money to the Directorate of Enforcement (ED) and post the problem for further trials on July 28.
In the last trial, Vivo’s advice – Siddharth Luthra and Siddharth Aggarwal – said that nine bank accounts have been frozen which have almost 250 Crore Hospital.
Last week, ED had a search at the place of Chinese companies, including Vivo smartphone makers, in 44 locations in 22 states.
The Investigation Agency believes that Vivo sent 50 percent of its total sales, namely, RS 62,476 Crore, to China.
It produced almost RS 1.20 Lakh Crore in the last two years but sent almost half to avoid paying taxes, the alleged emergency room. This caused a large loss for the companies established by India, said Ed.
After the raid, Vivo moved the High Court. In his request, Vivo said the order against him was contrary to the mandate part 17 of the prevention of the Money Laundering Law (PMLA), because the same thing did not require a reason to freeze, let alone the reason “reasons to believe” about why bank accounts must be frozen. This is a general order that was passed mechanically without the application of the mind, the word defense.
It is said that the total non-application of mind and arbitrariness is evident from the fact that even the amount in question has not been quantified by the respondent and rules the order to freeze all bank accounts has been ratified, causing great difficulties and cannot be improved to the applicant to the applicant and greatly affects the business and great reputation.
Furthermore, saying a frozen account is used for payment of salary and legal contributions, opening a credit letter for the applicant’s operation, and for all types of expenses needed for the applicant’s daily function.
Monthly payments around 2,826 CRORE Hospital must be made on legal contributions, salaries, rent, money for daily business operations etc. various legal authorities, but also to employees and customers,” he said.
