Nokia's assets get freeze???Business News

October 01, 2013 10:43
Nokia's assets get freeze ???

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The news was into prominence that the Indian authorities have frozen some of Finnish telecom giant Nokia's assets, the company said during Tuesday, in the middle of a 20 billion rupee (S$400 million) tax argue vehemently along with the New Delhi government. Nokia explained in a statement that the Tax authorities forbid by law Nokia's bank accounts as well as fixed assets, such as buildings, preceding week, forcing the company to head to the High Court which ordered some of them released.

Nokia said it has regained access to its bank accounts but some fixed assets remain frozen. It was unclear whether one of its biggest plants worldwide, located in the southern Indian city of Chennai, was targeted in the action. Nokia is among a stretch of multinationals to have become complicated in tax disputes in India, including Cadbury, Royal Dutch Shell and Vodafofone.


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