Delhi HC asks ED to consider Vivo’s representation on freeing bank accs

The High Court on Friday told the to consider the representation of Chinese phone company Vivo to allow it to unfreeze some to pay for its liabilities.

The matter is posted for July 13.

Justice Yashwant Varma asked the enforcement agency to give its reply to the plea filed by the phone company seeking to unfreeze some of its accounts.

The court directed Advocate Zoheb Hossain, counsel for ED, to take note of the reliefs sought by in the petition.

Vivo’s lawyers — Sidharth Luthra and Siddharth Agarwal — said there are liabilities such as taxes, TDS, and excise duties to be paid. “There are thousands of employees in the company. There is an urgency as these liabilities are growing every day,” he said.

Meanwhile, ED’s counsel opposed Vivo’s plea to unfreeze the bank accounts, saying it was too soon to do so. He added that the search operation by the agency would be over at the end of the day.

“Keeping in mind the financial conditions mentioned in the petition, this court directs the respondent (ED) to consider the representation in the petition and decide to give permission to deal with the seized property as under Section 17(1)A of the Prevention of Act,” Justice Yashwant Varma said.

The matter was listed by in the morning before Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad.

Earlier, the Enforcement Directorate’s (ED’s) money-laundering probe into the mobile phone maker revealed the company, to avoid paying in India, remitted about Rs 62,476 crore of its turnover to between 2017 and 2021.

According to the agency, 18 that were allegedly incorporated fraudulently helped the smartphone maker to transfer 50 per cent of the turnover outside India, mainly . The sale proceeds during the period stood at Rs 1.25 trillion.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Comments are closed.