AGL 6.78 Increased By ▲ 0.04 (0.59%)
ANL 9.38 Increased By ▲ 0.06 (0.64%)
AVN 81.40 Increased By ▲ 0.95 (1.18%)
BOP 5.47 Increased By ▲ 0.06 (1.11%)
CNERGY 5.03 Increased By ▲ 0.07 (1.41%)
EFERT 82.99 Increased By ▲ 3.08 (3.85%)
EPCL 58.95 Increased By ▲ 2.62 (4.65%)
FCCL 15.80 Decreased By ▼ -0.07 (-0.44%)
FFL 6.50 Increased By ▲ 0.15 (2.36%)
FLYNG 8.47 Increased By ▲ 0.17 (2.05%)
GGGL 10.23 Increased By ▲ 0.15 (1.49%)
GGL 16.64 Increased By ▲ 0.38 (2.34%)
GTECH 8.60 Increased By ▲ 0.12 (1.42%)
HUMNL 6.45 Increased By ▲ 0.06 (0.94%)
KEL 3.05 Increased By ▲ 0.07 (2.35%)
LOTCHEM 29.88 Increased By ▲ 0.99 (3.43%)
MLCF 28.80 Increased By ▲ 0.15 (0.52%)
OGDC 76.35 Increased By ▲ 1.85 (2.48%)
PAEL 16.35 Increased By ▲ 0.22 (1.36%)
PIBTL 5.78 Increased By ▲ 0.13 (2.3%)
PRL 17.45 Increased By ▲ 0.47 (2.77%)
SILK 1.16 Decreased By ▼ -0.03 (-2.52%)
TELE 11.40 Decreased By ▼ -0.05 (-0.44%)
TPL 8.17 Increased By ▲ 0.17 (2.13%)
TPLP 22.25 Increased By ▲ 0.90 (4.22%)
TREET 23.58 Increased By ▲ 0.48 (2.08%)
TRG 148.00 Increased By ▲ 4.09 (2.84%)
UNITY 23.35 Increased By ▲ 0.34 (1.48%)
WAVES 11.70 Increased By ▲ 0.10 (0.86%)
WTL 1.59 Increased By ▲ 0.02 (1.27%)
BR100 4,249 Increased By 69.2 (1.65%)
BR30 16,585 Increased By 383.6 (2.37%)
KSE100 42,161 Increased By 549.2 (1.32%)
KSE30 15,895 Increased By 290.3 (1.86%)
Follow us

NEW DELHI: Chinese smartphone maker Vivo has asked an Indian court to quash a decision by the country’s financial crime agency to freeze its bank accounts, saying the move was “bad in law” and would harm business operations.

In a filing to the Delhi High Court in the capital, Vivo India said it would not be able to pay statutory dues and salaries, listing 10 affected bank accounts and saying it needed to make monthly payments of 28.26 billion rupees ($357 million).

Friday’s brief court hearing came after Vivo had asked the agency, the Enforcement Directorate, to allow it to use the accounts.

The court gave the agency until July 13 to decide on that request, and set its next hearing on that date.

India blocks 119 accounts linked to China’s Vivo in money laundering probe

On Thursday, the agency said it had blocked funds of 4.65 billion rupees ($59 million) in 119 bank accounts linked to Vivo’s India business and its associates, as it investigates alleged money laundering by the smartphone maker.

News of the agency’s raids on Vivo had prompted China’s embassy in India to call for a fair business environment for its firms, saying multiple investigations of the companies damaged the confidence of foreign entities.

Vivo has said it was cooperating with authorities and was committed to fully complying with Indian laws.

The company ranks among India’s biggest smartphone makers with market share of 15%, according to Counterpoint Research.

Indian financial crime agency raids Chinese-owned Vivo

Market leader Xiaomi Corp has the biggest share, at 24%, while South Korea’s Samsung Electronics has 18%.

Comments

Comments are closed.