Vivo

In the writ petition, Vivo said the orders against it are in stark contravention to the mandate of Section 17 of the PMLA, as the same do not entail any reasons for freezing, let alone cogent "reasons to believe" as to why the bank account should be frozen. It is a generic order passed mechanically without any application of mind.

The remark was made by an MEA spokesperson in connection with the ongoing investigation related to Vivo and other Chinese firms. "Companies that operate here need to follow the law of the land. Our legal authorities are taking steps as per law of the land. I don't see the case to make comments as such on it," MEA spokesperson Arindam Bagchi in a media briefing.

As the ED raided 44 locations in 22 states on Tuesday and Wednesday, the directors of some of the companies associated with Vivo fled India. According to sources, two of the Chinese directors of Solan, a Himachal Pradesh-based company, that was associated with Vivo, have likely fled India, as ED registered a prevention of money laundering case.

Sources said the office of Vivo and the premises of a few other Chinese firms were being raided. Vivo has not said anything as of now and the ED officials also have not come on record. The CBI has also been probing the case and have lodged a separate FIR.

Sources informed that Yes Bank's offer to ARCs will be to recover at least 15 per cent amount i.e. Rs 5,000 crore upfront. The balance 10 per cent amount i.e. Rs 3,000 crore may be potential recovery by way of deferred payments.