New Delhi: Chinese smartphone maker Vivo has approached a court in New Delhi seeking quashing of an Indian enforcement agency’s decision to freeze its bank accounts, arguing that the move was “bad in law” and harmed the company’s business operations. Will deliver, a court filing shows.
Filing, Submitted by Vivo India In the Delhi High Court, said that the company will not be able to pay the statutory dues and salary due to account block.
India’s financial crimes agency said on Thursday that it had blocked 119 bank accounts linked to Vivo’s India business and its affiliates, holding $58.76 million, as part of an investigation into alleged money laundering by the smartphone maker.
Vivo has said that it is cooperating with the authorities and is committed to fully complying with Indian laws. Vivo’s court listed 10 of its bank accounts as affected by the decision.
Filing, Submitted by Vivo India In the Delhi High Court, said that the company will not be able to pay the statutory dues and salary due to account block.
India’s financial crimes agency said on Thursday that it had blocked 119 bank accounts linked to Vivo’s India business and its affiliates, holding $58.76 million, as part of an investigation into alleged money laundering by the smartphone maker.
Vivo has said that it is cooperating with the authorities and is committed to fully complying with Indian laws. Vivo’s court listed 10 of its bank accounts as affected by the decision.