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India court rejects Nokia appeal over asset transfer to Microsoft

14
Mar
2014

Indias Supreme Court on Friday ordered Nokia to give a 35 billion rupees ($572.5 million) guarantee before it transfers one of its biggest mobile phone plants and other assets in the country to Microsoft Corp. The ruling upheld a lower court verdict over the plant in Chennai, which is the subject of a tax dispute, and had been challenged by the Finnish company. Nokias case is one of several high-profile tax disputes involving foreign companies in India. Vodafone Group Plc, IBM and Royal Dutch Shell Plc are among foreign firms contesting local tax claims. Nokia, which is selling its mobile phones business to Microsoft in a 5.4 billion euro ($7.5 billion) deal, last month appealed to the Supreme Court saying the Delhi High Court had imposed new conditions over the transfer after previously lifting a freeze.

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