After reports about Indian IT department moving Delhi High Court and getting an interim stay on “Nokia transferring ownership rights for any of its immovable assets“, Nokia has said that it has now got favorable ruling from High Court in this case and there should be no impact on MS-Nokia deal closure in Q1 2014.
According to Nokia,
Nokia appealed to the Delhi High Court which last Thursday ordered the bank accounts in India to be unfrozen, allowing the company to transfer or withdraw funds parked there.
But some fixed assets such as buildings remain frozen since last week, the Nokia executive said, meaning the company cannot transfer ownership of the assets without the approval of the authorities.
“We are now talking to the authorities to clear up any lingering concerns,” said the executive, declining to give details of the assets.
Nokia also said the freezing of the fixed assets would not have any impact on the day-to-day operations of the company and that it had sufficient assets in India to meet its tax obligations.
“This does not change our earlier expectation that the transaction with Microsoft will close in Q1 2014,” a Nokia spokesman said when asked about the asset freeze.
Thanks Tom for the Tip. Cheers!!