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New Delhi: The serious money laundering charges levelled against Vivo India<\/a> by the enforcement directorate and the subsequent freezing of accounts has not yet impacted the Chinese mobile brand's supply of mobile phone units to retailers and distributors with 15-20 days of stock released to the channel, people familiar with the matter told ET.
Vivo<\/a>'s distributor in Tamil Nadu, Fangs Technology<\/a>, has written to its business partners assuring that there will be no supply disruption, and its billings will continue and stocks will not have any issues.
\"We have given them (ED<\/a>) full cooperation and disclosed all the documents to their fullest satisfaction. We would like to register here that our support to our distributors, retailers and our employees will not have any interference,\" Fangs Technology wrote in a memo to its business partners. ET has reviewed a copy of the memo.
Mobile phone retailers ET spoke to said they have not seen any impact of the searches at Vivo's distributor subsidiaries.
\"Channels and distributors usually maintain a stock of 15-20 days. But the brand is confident that the matter will get sorted out by then, so there will not be any disruption,\" said a Mumbai-based distributor for Vivo smartphones who wished not to be named.
\"We are getting stocks of Vivo mobiles regularly, after remitting the necessary amounts, and there has been no disruption. In fact, the distribution numbers have grown 8-10% since last month,\" said another Mumbai-based distributor.
Vivo India on Wednesday got some relief from the courts. The Delhi High Court has allowed the mobile brand to continue operating its bank accounts after maintaining a balance of Rs 250 crore in the bank accounts, and furnishing bank guarantees worth Rs 950 crore.
A Kolkata-based retailer said Vivo has also cleared pending dues from last month, earlier than usual in July, and have floated credit notes to retailers so that there is no disruption in stocks, indicating that the company is taking steps to ensure business operates as usual.
Vivo conducts its business via multiple independent state-level distributors of Chinese origin, which were raided by the ED on July 5 on allegations of money laundering. A retailer said the company also offers different margins, in different states, unlike other smartphone brands that maintain a one-country, one-margin policy.
Vivo had sent a representation to the ED on July 7, two days after the second-largest smartphone brand and its 23 associated distributor subsidiaries were raided, urging the agency to unfreeze its bank accounts so it can continue its business.
ED has alleged that Vivo India remitted Rs 62,476 crore, almost half of its turnover of Rs 1,25,185 crore, out of India, mainly to China in order to disclose huge losses in the Indian incorporated companies to avoid paying taxes in India.
As an action under the money laundering act, the ED has frozen 119 bank accounts of Vivo and its entities with a gross balance of Rs 465 crore.
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新德里:严重的反洗钱指控体内印度执法局和随后冻结的账户尚未影响中国移动品牌手机的供应单位公布的零售商和分销商15 - 20天的股票频道,知情人士告诉等。
体内在泰米尔纳德邦的经销商,牙技术,写了其业务合作伙伴确保不会有供应中断,和它比林斯将继续和股票不会有任何问题。
“我们给了他们(艾德)全面合作和披露所有的文件最大的满意度。我们想在这里注册,我们支持我们的分销商、零售商和我们的员工不会有任何干扰,“尖牙技术对其业务合作伙伴在一份备忘录中写道。等有了一份备忘录。
移动电话零售商等向说,他们没有看到任何影响子公司搜索在体内的经销商。
“渠道和经销商通常保持股票的15 - 20天。但品牌有信心,这个问题将得到解决,所以不会出现任何中断,”孟买分销商说希望匿名的Vivo的智能手机。
定期库存的特点是体内手机,汇款后必要的数量,也没有破坏。事实上,自上个月分布数量增长8 - 10%,”另一个说孟买分销商。
体内印度周三得到了一些缓解法院。德里高等法院允许移动品牌继续运营其银行账户后维持一个平衡250卢比的银行账户,并提供银行担保价值950卢比。
Kolkata-based零售商说,体内还清除等待费从上个月,比平常早7月,并提出信用证零售商,这样股市没有中断,表明该公司正采取措施,以确保业务照常运作。
体内进行其业务通过多个独立的国家级中国原产地分销商,由ED 7月5日在突袭了洗钱的指控。零售商表示,该公司还提供了不同的利润率,在不同的国家,不像其他的智能手机品牌,维护一个国家,政策优势。
体内派代表艾德在7月7日,两天之后第二大智能手机品牌及其23经销商相关子公司突袭,敦促该机构解冻其银行账户,这样就可以继续其业务。
ED声称Vivo印度汇出62476卢比,几乎一半的营业额1 Rs, 25185卢比,印度,中国主要是为了披露巨额亏损在印度注册的公司在印度逃税。
洗钱行为下一个动作,ED体内的119已经冻结银行账户及其实体的资产总值465卢比。
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