check ZEENEWS New Delhi: The Delhi High Court on Thursday accepted Nokia's plea for a direction to Income Tax department for lifting of the stay on transfer of assets in view of its USD 7.2 billion global deal with Microsoft.
A bench of justices Sanjiv Khanna and Sanjeev Sachdeva, which had reserved its order after hearing arguments from the mobile manufacturing company and the I-T department, pronounced the verdict today.
Sentiment: Strong Buy
Dec 12 (Reuters) - An Indian court on Thursday accepted Nokia's appeal to release its local factory after its seizure by authorities in a tax dispute, removing a hurdle for the sale of the company's mobile phone business to Microsoft .
The Chennai plant is one of Nokia's biggest phone-making factories. Nokia appealed the seizure and has been trying to end the dispute ahead of the closure of the 5.4 billion euro ($7.4 billion) Microsoft deal.
The court asked the Finnish company to deposit 22.50 billion rupees ($367.17 million) in an escrow account, while the tax demand case will continue separately.
In March, Nokia was served with a tax demand of about 20.8 billion rupees ($340.45 million) for five fiscal years starting from 2006-07, according to a March 22 notice on the Delhi High Court website.
You're right, just had a .12c move in 5mins. Now is about the time for decision I think.
....and if you believe a "government lawyer" is doing more than producing an idle threat.
Nokia Oyj (NOK1V) could face an increased tax bill of 210 billion rupees ($3.4 billion) over a dispute with India’s authorities, according to a government lawyer. India’s Income Tax Department may add penalties and interest to its current 20.8 billion-rupee demand should a New Delhi Court order Nokia’s local unit to pay taxes on royalties to its parent company, said Mohan Parasaran, the government lawyer for the case. Nokia said the claims are without merit.
Sure, when penalties and interest is added to the original bill. If that threat makes the stock dive, I'll take advantage of the temporary drop to make some easy dinero. I'm sure some other "news" of impending disaster will come out just before the next earnings report is due out. I'll be ready. Vacation will be over by then, anyway!
.Nokia may launch Lumia 1520, 1320 in India on Dec 16
Times of India-48 minutes ago
NEW DELHI: Nokia is sending invites for a Lumia focused event scheduled for 16 December 2013 in New Delhi
so less than 1% drop from the NY close. Thought I'd take some time off during my vacation to post the score. Interesting Indian tax situation.... could work a dip below $7.5 as an options play prior to earnings report... though probably will wait for a time closer to earnings report where we get the "predictable" manipulation by the MM's and HF traders, blah, blah, blah. Also waiting for the poster who illustrate that mental illness trumps a Mensa score to grace us with their typical mumbling library-like responses. No, not really, LOL.
Long term out the 2015 at least, Go Nokia Go!
Are you going to illustrate how mental illness trumps a Mensa score for your or dirt2mb's next post?
fr3nchmodel • Jan 11, 2013 5:52 PM
I prefer climbing to the top of the mountain rather than halfway up.So while you take the gondola back to the lodge and drink hot cocoa, the rest of us will traverse the rest of the way and toast you from high atop MT. NOKIA. Live dangerously and at least add some marshmallows to your cocoa.
I went to Petsmart looking for a pet monkey and the one they brought out looked eerily similar to Cramer!Settled for a dog and named him Nok.Got home and my kids asked me where the monkey was.Told 'em to turn on CNBC...P.S. They love the dog!!!