For now, Chennai unit out of Nokia-Microsoft deal

Mar 15 2014, 00:55 IST
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Supreme Court disallows sale till Nokia Finland provides guarantee. Supreme Court disallows sale till Nokia Finland provides guarantee.
SummarySupreme Court disallows sale till Nokia Finland provides guarantee.

plant assets to Microsoft pending resolution of the tax dispute.

The SG argued that the tax demand is around Rs 10,149 crore excluding interest, penalty and future demand. He said Nokia India had repatriated the dividend amount of Rs 3,500 crore to Nokia Corporation, Finland, from reserves and that too after the demand was raised. Since its inception in 1995, the company has hardly paid any tax and no such dividend was ever paid, he said, thus inviting the comments from the the judges that “then there is something fishy there”.

Srivastava said Microsoft was giving the best offer and if the revenue authorities attach and sell the assets for a better price, they are welcome to do it.

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