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Wireless

Court rejects order for Nokia to put INR 35 bln in escrow

Monday 27 January 2014 | 01:43 CET | News
The Delhi High court has rejected the request of India's income tax department to order Nokia to deposit INR 35 billion into an escrow account for future tax demands. The court asked Nokia India for a "simple" undertaking that it has gone through the order and accepts the conditions, the Economic Times reports. In December, the High Court paved the way for the sale of Nokia's phone business to Microsoft by unfreezing assets in India. The conditions included that Nokia India would deposit a INR 22.5 billion as a security against the eventual resolution of the tax dispute. The income tax

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Categories: Mobile & Wireless
Companies: Microsoft / Nokia
Countries: India
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