Nokia confronts Indian justice for sell its factory to Microsoft
Following a tax dispute, Nokia asked the Delhi High Court to revoke the freezing of property assets from its factory in India in anticipation of Microsoft's acquisition of the mobile industry. The Finnish manufacturer should get an answer on November 28.
If the sales agreement between Nokia and Microsoft was approved early last week, the Finnish brand seems not yet out of the woods on the sale of its Indian factory. If the High Court of Justice of Delhi had ordered effect the tax department of the Indian state no longer block the bank accounts held by Nokia, the lifting of the freeze Chennai factory in the south of the country had meanwhile not been pronounced . This decision was due to a tax liability of $ 331 million requested by the authorities about software licenses for mobile phones. Nokia has asked the court to lift the freeze before 12 December at the latest perspective of its acquisition by Microsoft, which should be formalized in the first quarter of 2014. If the former phone giant remains confident , in case of refusal , it must, however, prepare for the possibility that the assets of its Indian factory are not transferred at Microsoft.
If the court did not comply with the request made by Nokia , the company could therefore temporarily convert its Indian branch , responsible for the Chennai factory in contract subcontracting for Microsoft. Note, however, that despite the freeze on property assets delivered by the court, the production in the factory has not ceased. Microsoft 's acquisition of Nokia phone industry in India had been authorized by the Commission of the Indian Competition . The antitrust authority of the country ruled that the agreement between the two companies would not likely have a significant adverse effect on local competition. Nokia said to be determined to find a solution with the tax authorities of the country "in accordance with all applicable laws." It must be said that a number of high tech companies , including Vodafone, face tax disputes in India , mainly due to the interpretation of complex laws.
The next hearing of the Court of Delhi is scheduled for November 28.
If the sales agreement between Nokia and Microsoft was approved early last week, the Finnish brand seems not yet out of the woods on the sale of its Indian factory. If the High Court of Justice of Delhi had ordered effect the tax department of the Indian state no longer block the bank accounts held by Nokia, the lifting of the freeze Chennai factory in the south of the country had meanwhile not been pronounced . This decision was due to a tax liability of $ 331 million requested by the authorities about software licenses for mobile phones. Nokia has asked the court to lift the freeze before 12 December at the latest perspective of its acquisition by Microsoft, which should be formalized in the first quarter of 2014. If the former phone giant remains confident , in case of refusal , it must, however, prepare for the possibility that the assets of its Indian factory are not transferred at Microsoft.
If the court did not comply with the request made by Nokia , the company could therefore temporarily convert its Indian branch , responsible for the Chennai factory in contract subcontracting for Microsoft. Note, however, that despite the freeze on property assets delivered by the court, the production in the factory has not ceased. Microsoft 's acquisition of Nokia phone industry in India had been authorized by the Commission of the Indian Competition . The antitrust authority of the country ruled that the agreement between the two companies would not likely have a significant adverse effect on local competition. Nokia said to be determined to find a solution with the tax authorities of the country "in accordance with all applicable laws." It must be said that a number of high tech companies , including Vodafone, face tax disputes in India , mainly due to the interpretation of complex laws.
The next hearing of the Court of Delhi is scheduled for November 28.
Nokia confronts Indian justice for sell its factory to Microsoft
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