Delhi High Court granted Chinese smartphone manufacturer Vivo permission to use bank accounts

After rejecting any interim relief, the Delhi High Court has granted conditions for the de-freezing of the Chinese smartphone maker Vivo's bank accounts. To gain access to the accounts, the HC has requested that the company first provide a bank guarantee.

The court approved the de-freezing and operation of Vivo's bank accounts on the condition that Vivo provide a bank guarantee of INR 950 Cr and maintain a balance of INR 250 Cr. The Delhi High Court also ordered Vivo to provide the ED with information about the remittances. The Enforcement Directorate (ED) attached 119 bank accounts linked to Vivo after conducting raids at 48 locations of Vivo and related companies. The bank accounts were said to be worth INR 465 crore. The ED also seized a "large amount of incriminating evidence," as well as INR 73 lakh in cash and two kilogrammes of gold bars.

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