Lava elevates Sunil Raina as interim Managing Director following Hari Om Rai's arrest
mobile phone brand Lava has appointed Sunil Raina as the interim managing director, assuming his role with immediate effect after approval from the board, following the arrest of co-founder and managing director Hari Om Rai in a money laundering case by the enforcement directorate.
Following the elevation, Raina will become a whole-time director of the company following approval of the board of directors on November 6.
Raina, who has been serving as the President and Business Head of the mobile phone brand since the past five years comes with an experience of more than two decades having worked extensively in marketing, strategy, product development, communications, sales and distribution functions.
“We are in a fast paced growth phase of our brand journey and we see a great opportunity ahead. I'm pleased to take on this role and eager to contribute to Lava's continued success through consistent innovation and delivering exceptional quality to our consumers,” Raina said.
Rai was arrested as part of an investigation into alleged money laundering by Chinese smartphone brand Vivo.The ED alleged that 23 companies under Vivo India helped the company funnel Rs 62,476 crore of its sale proceeds illegally to China.
These companies were allegedly set up with the help of Rai and his chartered accountants.
After being remanded to ED custody for over a week, Rai was sent to judicial remand on October 18. He continues to be in judicial custody till November 9.
Under Raina’s leadership, Lava has emerged as one of India’s fastest growing smartphone brands, the company said.
