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Lava International
Homegrown mobile phone maker Lava International has restructured the company's board in which it has excluded former chairman and managing director Hari Om Rai, according to a company statement. Rai resigned from his position in February and does not hold any directorial position in the company. He is under judicial custody in an alleged money laundering case filed by the Enforcement Directorate. Lava has onboarded former BSNL chairman and managing director Anupam Shrivastava and former Lieutenant Governor of Andaman & Nicobar Islands and Puducherry, Ajay Kumar Singh as independent directors. "We are happy to introduce the board members who shall be at the helm of driving the company's vision and brand's growth. Their rich industry experience, strategic insights, and passion for Lava will be instrumental for achieving operational excellence and growing its market share. "The newly constituted board is a perfect blend of seasoned Lava leadership members, founders, and highly ...
Arrested MD of Lava International Company Hari Om Rai told a court here Wednesday that merely because the Sino-India relations have deteriorated over the years, it would not mean that he committed an offence at a time when there were, in fact, friendly business relations between the two countries. The accused, arrested in a money laundering case against Chinese phone-maker Vivo, made the submissions through his lawyer before Special Judge Tarun Yogesh during the hearing of his bail application. The judge on Wednesday posted the matter for further hearing on December 4. Advocates Vikram Chaudhary and Nitesh Rana, appearing for the accused, told the court during the hearing of the application, that the accused has no direct or indirect control over Vivo's business. "He has not derived any monetary benefit, nor has he engaged in any transaction with Vivo or any entity allegedly related to Vivo, let alone having been associated with any alleged 'proceeds of crime'," the counsel told th
A court here on Thursday extended the judicial custody of four accused, including the managing director of Lava International mobile company and a Chinese national, till November 23 in a money laundering case against Chinese smartphone maker Vivo. Additional Sessions Judge Devender Kumar Jangala passed the order on an application moved the Enforcement Directorate. The four arrested are: Hari Om Rai, the MD of Lava International, Chinese national Guangwen alias Andrew Kuang, and chartered accountants Nitin Garg and Rajan Malik. Defence advocate Nitesh Rana opposed the ED's application for extension of their judicial custody, saying it cannot be done "mechanically and automatically. There must be application of mind," Rana told the court. The anti-money laundering agency had raided the company and people linked to it in July last year and claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. The ED had then alleged a whopp