Delhi High Court asks Vivo to furnish Rs 950-crore bank guarantee to operate bank accounts

The Delhi High Court on Wednesday provided some relief to Chinese handset maker Vivo by allowing it to operate 10 bank accounts frozen by the Enforcement Directorate (ED) in connection with a money-laundering probe. However, this is subject to the company providing a bank guarantee of Rs 950 crore to the agency within a week.

Further, the court also directed Vivo to maintain a balance of Rs 251 crore, the amount which was in the bank at the time of the freezing of the accounts.