NEW DELHI: Finnish handset maker Nokia has offered to deposit the entire proceeds from the sale of its Chennai factory to Microsoft into an escrow account, pending the court order on its tax dispute with the government.
The government has frozen the Chennai unit as a result of the tax issue and the lifting of the freeze will allow the company to transfer its India assets to Microsoft by the December 12 deadline. The Delhi High Court which had to hear the matter on Monday has now deferred it to Tuesday.
As part of the proposal, Nokia has offered to deposit a minimum of Rs 2,250 crore into the escrow account in case the sale yielded lesser proceeds. According to $7.3-billion deal between Nokia and Microsoft announced in September, Nokia has to transfer the Chennai factory proceeds to the books of Microsoft by December 12 failing which Microsoft will not acquire the factory.
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The government has frozen the Chennai unit as a result of the tax issue and the lifting of the freeze will allow the company to transfer its India assets to Microsoft by the December 12 deadline. The Delhi High Court which had to hear the matter on Monday has now deferred it to Tuesday.
As part of the proposal, Nokia has offered to deposit a minimum of Rs 2,250 crore into the escrow account in case the sale yielded lesser proceeds. According to $7.3-billion deal between Nokia and Microsoft announced in September, Nokia has to transfer the Chennai factory proceeds to the books of Microsoft by December 12 failing which Microsoft will not acquire the factory.
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