Microsoft-Nokia deal complicated with recent $571 million ruling from Indian court

In that location are a few hurdles left for Microsoft to clear they tin can acquire Nokia's handset unit. Recently we've seen some complaints from Korean companies and interest groups over potential patent abuse that could event from the bargain. One lilliputian tangle in Microsoft and Nokia's plans revolves effectually a manufacturing establish in Chennai, India currently involved in a legal battle with the Indian regime. The plant is to be transferred to Microsoft equally part of the $7.three billion USD deal to acquire Nokia's phone business. Notwithstanding, that manufacturing found may now be shut downward and not transferred to Microsoft.

On Friday, India's Supreme Court ruled that Nokia must eolith $571 meg into an escrow business relationship before the Chennai factory can be transferred to Microsoft. This is an increment from the $339 million a lower court asked Nokia to set bated last month.

Nokia's revenue enhancement troubles in Republic of india started in January 2022 when Indian taxation government raided the company's offices and facilities in Chennai. Indian tax officials say that Nokia allegedly owed $545 one thousand thousand in back taxes. Those back taxes are allegedly on income from downloads on phones made in Bharat. Nokia didn't want to pay those taxes considering of a bilateral tax treaty between India and Finland.

Nokia was previously cleared to transfer the factory to Microsoft. At the fourth dimension, the Dehli High Court ruled that Nokia could transfer the Chennai mill to Microsoft if they set bated $339 1000000 into an escrow account for those back taxes. Nokia agreed, but continued to challenge the ruling.

That claiming came to an end on Friday when the Supreme Courtroom ruled that Nokia would need to put $571 into an escrow account before the factory could exist transferred to Microsoft. Now, Nokia is reconsidering its options surrounding the manufacturing plant.

The Chennai institute employs over 8,000 people and is by far one of Nokia's largest factories for making phones. Those viii,000 people may exist out of a chore when the dust settles from this Indian taxation debacle. The Indian tax courts are currently filled with companies like IBM, Vodafone, BMW and Royal Dutch Beat out fighting similar dorsum tax claims.

A few possible outcomes now be for Nokia. If they don't transfer the plant to Microsoft, Nokia could run the establish equally a contractor on behalf of Microsoft. Though Nokia's laywers say it would be temporary and wouldn't last long. Nokia could too shut the plant down. Of grade, that ways eight,000 people in Chennai are at present jobless, Microsoft is left without a major telephone manufacturing site and Nokia ends up with less money from the deal.

Microsoft and Nokia are working difficult to close the deal within the month. All the same, this ruling from the Indian Supreme Court might be a minor setback.

Source: Reuters Via: Quartz

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