The Chinese company approached the High Court challenging the ED’s order of July 5 through which all its bank accounts were frozen.
Senior Advocates Siddharth Luthra and Siddharth Aggarwal appearing for Vivo, argued that nine bank accounts that have been frozen and they hold nearly ₹250 crores.
These accounts, the counsel argued, are essential to meet the company’s statutory liabilities and support its 9,000 employees.
“Today, without any concern about business model, source, where the money has come from, where it is going, a carte blanche order is place which will be my sudden death,” Aggarwal submitted.
Source: Barandbench
