High Court grants conditional permission to fourteen companies related to Vivo to function financial institution accounts

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New Delhi, Aug 8 (PTI) The Delhi High Court on Monday granted conditional approval to fourteen companies allegedly related to Chinese smartphone maker Vivo to function “frozen” financial institution accounts.

The courtroom mentioned that a lot of these corporations should deal with a undeniable stability of their financial institution accounts regardless of the sanction of the transaction. Apart from this, they are going to must file the transactions carried out from those frozen financial institution accounts to the Enforcement Directorate (ED) each and every 48 hours.

The ED had frozen the financial institution accounts of those corporations all the way through its investigation right into a cash laundering case towards Vivo.

Justice Yashwant Verma mentioned that if the petitioner corporations deal with the deposits on the time of ‘freezing’ of those accounts, then the order of freezing the accounts can also be amended. Along with this, he mentioned that the investigating company can verify whether or not the minimal stability is being maintained within the accounts or no longer.

Earlier on July 13, the High Court had additionally given the liberty to Vivo to function frozen financial institution accounts. This ban was once imposed through the ED. At that point additionally, the courtroom had requested Vivo to offer a financial institution ensure of Rs 950 crore to the ED.