HC directs Vivo to give Rs 950-cr bank guarantee to operate bank accounts

The Delhi High Court (HC) on Wednesday allowed Chinese smartphone manufacturer Vivo to operate its bank accounts after furnishing a bank guarantee of Rs 950 crore. The next hearing is likely on July 28.

This comes after the Enforcement Directorate (ED) had frozen the bank accounts of the phone company and the HC had refused to unfreeze the accounts on July 8.

The phone manufacturer had said the account freeze would hamper its ability to pay for its liabilities, such as taxes and employee salaries.

After the last court order, the ED had asked Vivo to provide specific information supporting