Feeds

Indian supremes demand $573m in Nokia-Microsoft phactory selloff deal

Long-drawn-out tax battle may finally be Finnished

Top 5 reasons to deploy VMware with Tegile

India's Supreme Court has ordered Nokia to hand over a $572.5m guarantee before it can give the keys of one of its biggest manufacturing facilities to Microsoft.

The order stems from a tax dispute over the plant in Chennai and upholds the verdict of the Delhi High Court, Reuters reported.

The Finnish firm originally offered to put Rs22.5 billion ($369m) in an escrow account while it fights the claims of the Indian tax authority in court, but the court told it to fork over a further Rs35 billion, which Nokia said will stop it from being able to fight the tax claims.

Nokia is trying to sell its mobile phones business to Microsoft for $7.5bn and is expecting the deal to close by the end of this month. The plant is one of the firm's largest phone-making factories and the company said it can only run it as a contractor to Microsoft for so long.

Indian authorities demanded around Rs20.8 billion ($339m) in taxes from Nokia this time last year, which could grow to a total of Rs210 billion ($3.43bn) with added liability, interest and penalties. ®

Choosing a cloud hosting partner with confidence

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
The Heartbleed Bug: how to protect your business with Symantec
What happens when the next Heartbleed (or worse) comes along, and what can you do to weather another chapter in an all-too-familiar string of debilitating attacks?
Top 5 reasons to deploy VMware with Tegile
Data demand and the rise of virtualization is challenging IT teams to deliver storage performance, scalability and capacity that can keep up, while maximizing efficiency.