March 14, 2014 / 10:42 AM / 3 years ago

India top court dismisses Nokia appeal over asset transfer to Microsoft

NEW DELHI, March 14 (Reuters) - India's Supreme Court on Friday dismissed Nokia's appeal challenging a lower court order over transferring ownership of its local mobile phone plant, which is the subject of a tax dispute, to Microsoft Corp .

The Supreme Court upheld a verdict by the Delhi High Court and ordered Nokia to give a guarantee for 35 billion rupees ($572.5 million).

Nokia, which is selling its mobile phones business to Microsoft in a 5.4-billion-euro ($7.52 billion) deal, last month appealed to the Supreme Court saying the Delhi High Court had imposed "new conditions" over the transfer of the plant, after previously lifting a freeze on the assets.

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