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.