Nokia requests Delhi HC to release assets seized by tax authorities
Nokia India Pvt. Ltd, the Indian arm of Finland-based Nokia Oyj, has confirmed that it has requested the Delhi high court to lift a freeze on its Chennai plant so that it could smoothly transfer all assets to Microsoft Corp.
Microsoft has agreed to acquire Nokia's phone business for 5.4 billion euros. While the deal is slated to close in the first quarter of 2014, seizure of the Chennai plat by Indian tax authorities has created some uncertainty about the smooth completion of the deal.
Confirming its latest attempt towards revocation of the frozen assets, the company said, "Nokia can confirm it has gone to the Delhi high court today to seek a revocation of the asset freeze requested by Indian tax authorities in September on its Indian factory assets."
Nokia India's movable and immovable assets were frozen September 25 this year, after the company disputed the tax department's tax demand of nearly Rs 3,000 crore. However, the phone maker managed to unfreeze its bank accounts after approaching the Delhi HC.
The company also stated that it was committed to find a fair resolution with Indian authorities over tax issues, which first emerged in January this year.
A hearing for the case has been scheduled for 28th of November.