Page 114 - Lava News Today

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While global manufacturing companies such as Foxconn, Wistron and Samsung have helped the PLI scheme for mobile phones a grand success, a top executive at homegrown smartphone brand Lava said the manufacturing industry needs more time to establish local champions.

According to the ED, vivo Mobiles India Pvt Ltd was incorporated on August 1, 2014 as a subsidiary of Multi Accord Ltd, a Hong Kong based company and was registered at ROC Delhi.

"Vivo firmly adheres to its ethical principles and remains dedicated to legal compliance. The recent arrest deeply concerns us. We will exercise all available legal options," a company spokesperson said in a statement.

Last year, ED, under the Prevention of Money Laundering Act, conducted a series of raids across India, including 48 locations.

Lava: The agency had raided Vivo and its linked persons in July last year, claiming to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. The ED had then alleged that a whopping Rs 62,476 crore was "illegally" transferred by Vivo to China in order to avoid payment of taxes in India.

"Vivo firmly adheres to its ethical principles and remains dedicated to legal compliance. The recent arrest deeply concerns us. We will exercise all available legal options," a company spokesperson said in a statement.

The Argility Technology Group's continuous investment in staff education programmes are tailored to address specific skills gaps and align with its strategic business objectives.