December 12, 2013 / 9:30 AM / 6 years ago

India court lifts Nokia factory freeze in tax dispute

NEW DELHI, Dec 12 (Reuters) - An Indian court on Thursday accepted Nokia’s appeal to release its local factory after its seizure by authorities in a tax dispute, removing a hurdle for the sale of the company’s mobile phone business to Microsoft .

The Chennai plant is one of Nokia’s biggest phone-making factories. Nokia appealed the seizure and has been trying to end the dispute ahead of the closure of the 5.4 billion euro ($7.4 billion) Microsoft deal.

The court asked the Finnish company to deposit 22.50 billion rupees ($367.17 million) in an escrow account, while the tax demand case will continue separately.

In March, Nokia was served with a tax demand of about 20.8 billion rupees ($340.45 million) for five fiscal years starting from 2006-07, according to a March 22 notice on the Delhi High Court website.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below