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Delhi HC Allows Nokia India To Transfer Its Assets To Microsoft

In a major relief to Nokia, Delhi High Court has finally lifted the stay order on the ownership transfer of Nokia India's immovable assets in the country, reports The Economic Times. This will enable Nokia India to transfer all its Indian factory assets to Microsoft by Q1 2014 (when the Microsoft-Nokia agreement is expected to close). Delhi High Court had earlier put an interim stay on the transfer of Nokia India's ownership rights for any of its immovable assets in September 2013, following which Nokia India had moved to the Delhi High Court last month seeking a lift of the stay order by December 2013. Nokia India had also told the court that it was willing to pay a minimum deposit of Rs.2,250 crore as taxes immediately after the sale, which was rejected by the Income Tax Department earlier this month. However the court has now directed Nokia India to deposit minimum Rs 2,250 crore in a escrow account, details of which will be provided to the IT department within one month of the Microsoft agreement. Note that this amount can go higher if the payment from Microsoft increases. Nokia also has to take an undertaking of paying another Rs 3,500 crore if it loses the case along with a letter which guarantees compliance with the order when the dispute has been resolved. In addition to this, Nokia India will continue to pay Rs 700 crore in installments as per the June 2013 order. The Court has also mentioned that only Nokia India and its parent…

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