Delhi High Court To ED: Decide On Vivo’s Plea On Frozen Accounts

Delhi High Court To ED: Decide On Vivo’s Plea On Frozen Accounts

SUMMARY

While Justice Yashwant Varma refused to grant any interim relief to Vivo, he asked the ED to ‘attend to Vivo’s representation of July 7’

The Delhi High Court has asked ED to decide on the plea by Wednesday, bearing in mind the financial implications it will have on Vivo

Vivo India is being investigated on charges of money laundering after it was discovered that the company ‘remitted’ half of its India turnover mainly to China

After Vivo India approached Delhi HC, filing a plea against the Enforcement Directorate’s (ED) move to freeze its bank accounts, the court left the decision to ED on the same.

While Justice Yashwant Varma refused to grant any interim relief to Vivo, he asked the ED to “attend to Vivo’s representation of July 7 in light of its power of according prior permission to deal with the seized property as is envisaged under section 17(1) A of PMLA.”

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