NEW DELHI: The Supreme Court on Thursday sought a valuation report on assets of Nokia Indiabefore it could examine claims and counterclaims by the company and the income-tax department which are locked in a stand-off over tax dues that have held up Microsofts plans to acquire India assets of the company. The I-T department claims that Microsofts plans to acquire assets of Nokia India without acquiring its liabilities would adversely affect its tax claims over the company and its parent company Nokia Corporationof Finland, which run into an estimated Rs 21,251 crore and is contested by Nokia. Nokias lawyer Vikas Srivastavaon Thursday told the court the value of its India assets was between Rs 2,200- Rs 3,000 crore. But the bench sought the valuation report made by experts. The report is to be furnished by Friday when the case comes up for further hearing. Dont take us for a ride by claiming that theres no valuation report, a bench, comprising of Justices Anil R Dave and Shiva Kirti Singh, said. The Nokia lawyer claimed that the value of its assets in India would fall sharply if the deal (under which Microsoftwas buying Nokia worldwide and Nokia Indias assets) were delayed. He said regulatory approvals for the deal and even sale procedures were through in most countries except India. The process in India had been majorly affected by the dispute, he said. This is in contrast to the I-T department claims in the case. The decision of Microsoft not to purchase equity sharesof Nokia Corporation and to rather purchase assets is a convenient coincidence and an act of internal collusion between the two, the department had said on Wednesday in a fresh plea seeking further extension of attachment of properties of Nokia India. ...the whole deal was been structured in way to avoid the payment of I-T dues... If transfer of assets is allowed to be consummated without due protection of current and future I-T dues/liabilities, it may not be possible to recover legitimate dues, it said. The department wants Nokia Finlandto be asked to furnish/deposit security for the remaining unpaid tax amount.
Posted on: Fri, 14 Mar 2014 06:28:51 +0000
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