New Delhi, May 18 (IANS ) Hari Om Rai, Managing Director of homegrown electronics manufacturer Lava International, has resigned from the board and does not hold any directorial position anymore, the company informed on Saturday.
In a statement to , the company said that Rai resigned from Lava board in the last financial year (FY24).
"Currently, he is not the Managing Director of the company and does not hold any directorial position in the company," a Lava spokesperson said.
"We kindly request you to avoid associating his name with our company in any capacity," the company spokesperson added.
Rai was arrested in October last year in a money laundering case against the Chinese smartphone-maker Vivo, along with others.
He was granted three months interim bail on February 16 which expired on May 15.
On Thursday, Rai was sent to judicial custody after Delhi High Court refused to extend his medical bail.
The Enforcement Directorate (ED) told the court that Rai allegedly sent a ‘dummy patient’ to AIIMS to generate a fake medical report for himself, showing he had cardiac issues.
The ED had arrested Rai along with three others, Chinese national Guangwen alias Andrew Kuang, Chartered Accountants Nitin Garg and Rajan Malik, on October 10, 2023.
In December, the ED had arrested three more people, who were the top executives of Vivo India.