Nokia announced the relevant departments of the Government of India has frozen part of the assets of the company. However, Nokia mobile phone business will be sold to Microsoft deal will not be extended.
Prior to this, Nokia and the Indian government 20.8 billion rupees (about 333 million U.S. dollars) of income tax in a dispute. Nokia one executive said that the Indian tax authorities had last Wednesday to freeze the assets of Nokia and bank account. Nokia last Thursday appealed to the Delhi High Court to require a bank account in India thaw.Several other foreign companies in India are also facing similar disputes in India.
This name Nokia executives said, since last week, including fixed assets, including some buildings still in a frozen state. But Nokia said that these fixed assets have been frozen will not affect the company’s daily operations, while Nokia in India is still sufficient assets to meet tax obligations.
Nokia 5.44 billion euros (about $ 7.37 billion) sale of mobile phone business to Microsoft deal is expected to be completed the first quarter of 2014, is still subject to shareholder and regulatory approval.