Slashdot Mirror

← Back to Stories (view on slashdot.org)

Indian Government Lifts Nokia's Asset Freeze, Factory Can Transfer To Microsoft

Posted by timothy on from the what-the-market-will-bear dept.

rjmarvin writes "The Delhi High Court approved an appeal by Nokia today to unfreeze the company's Indian assets, including the Chennai mobile phone factory set to be transferred to Microsoft as part of its devices and services acquisition. The decision was contingent on Nokia putting $367 million in escrow to go towards its imposed taxes. Nokia lobbied to lift the freeze to avoid holding up the deal or being forced to stay on as a subcontractor, though they're still on the hook for taxes and penalties to the tune of up to $3.4 billion for a financial period dating back to 2006. Microsoft, though, is in the clear."

5 of 53 comments (clear)

  1. The Way India Works... by jazman_777 · · Score: 4, Interesting

    We know this means, "The bribe went through with great success!"

    --
    Slashdot: Failed Car Analogies. Amateur Lawyering. Anecdote Battles.
    1. Re:The Way India Works... by roc97007 · · Score: 5, Funny

      Wow, that took a lot of courage, to post as yourself rather than anonymously.

      Made you look!

      --
      Oliver's law of assumed responsibility: If you're seen fixing it, you will be blamed for breaking it.
  2. Reason 834 why not to do business in India by EmperorOfCanada · · Score: 4, Insightful

    Personally I think that India is quite cool; but it would never enter my head in a million years to do business where any Indian official could screw things up. Maybe I am completely wrong but this is the perception of every business person I know including Indians who regularly navigate those dangerous waters.

    India regularly complains that they don't get any respect from the western business world who only want to sell their products in India from afar. It makes me wonder what kind of powerhouse India could be if there wasn't this ever present threat that either a corrupt official (at any one of the 10,000 government departments) will demand a bribe, or the ever present threat that a local competitor will use officialdom to shut you out of the Indian market.

    If it is this bad for outsiders how terrible is it for Indians who manage to have some success?

    1. Re:Reason 834 why not to do business in India by hydrofix · · Score: 3, Informative

      The corruption in India is indeed rampant and throughout. One of the most astonishing forms I have seen are the "living dead", where authorities are bribed to declare you dead, so that someone can meanwhile and unbeknownst to you make a claim to your inheritance. For this particular poor fellow, it took mere 19 years of battling against the authorities until a court finally acknowledged him actually being alive.

  3. Re:Corrupt Indians by singhulariti · · Score: 3, Insightful

    Funny how when the US govt. accuses tech companies of avoiding taxes, the tech companies are evil and when India asserts the same thing they are thieves.