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Income Tax Department Demands Rs 3,500 crore Guarantee From Nokia To Lift Assets Freeze

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Nokia’s efforts to sell its Chennai plant face another setback as tax authorities have insisted the company provide a guarantee of up to Rs 3,500 crore over an ongoing dispute before a freeze is lifted on assets.

The Finnish company has called on the Prime Minister’s Office to help resolve the issue.

The income-tax department filed the affidavit in the Delhi High Court a few days ago, said people with knowledge of the matter. The step effectively goes against an agreement between the two that proceeds from the factory’s sale would go into an escrow account pending a decision on the Rs 21,153-crore tax row. Click here to read the full post

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Wahengbam Rorrkychand

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