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A Delhi High Court order spells trouble for MS-Nokia deal in India.

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Acquisition of Nokia’s Device and services division by Microsoft may run into rough weather in India following a Delhi High Court order. This is again related to the old tax dispute in which IT department is pushing Nokia to meet anticipatory tax liability of above $545 million. They have moved to court and got an interim stay on “Nokia transferring ownership rights for any of its immovable assets“.

According to the report from “Financial express“,

The India leg of Nokia’s global sale to Microsoft Corporation could run into trouble, with the IT department moving to prevent Nokia India from disposing of any properties and assets in the country and the Delhi High Court putting an interim stay on Nokia transferring ownership rights for any of its immovable assets.

Lawyers for Nokia India have informed that so far no agreement has been executed for transfer of the India business and no value has been ascribed for the Nokia India’s Device business.

The Delhi High Court on Thursday passed an interim order asking Nokia not to ‘surrender the leasehold rights or transfer the ownership rights in respect of any of its immovable assets’. The HC also barred Nokia from transferring the fixed assets to any third person. More important, the court has asked Nokia to inform the assessing officer ahead of repatriating any money overseas.

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Nayan

Nayan has more than 10 years of experience of covering Technology and innovations. He is a big Nokia fan and Tech disruptions aficionado. He loves to review new cool gadgets and writing about Android, iOS, Gadgets and general Technology stuff. He has been associated with other well-known Tech sites WinCentral and GadgetOx since long.

He currently sports a Lumia 950 XL and Nexus 5X. Other interests include listening to Nu-Metal Hits and Kick-Boxing.
Write to him at Email: [email protected]

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  • Juu

    This is totally high bullshit. Only shorters alarm.

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