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Indian Government Lifts Nokia's Asset Freeze, Factory Can Transfer To Microsoft 53

Posted by timothy
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."
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Indian Government Lifts Nokia's Asset Freeze, Factory Can Transfer To Microsoft

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  • by EmperorOfCanada (1332175) on Thursday December 12, 2013 @04:25PM (#45674007) Homepage
    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?
  • by hydrofix (1253498) on Thursday December 12, 2013 @04:37PM (#45674111)
    Indeed. Even Google, Apple and Amazon full-heartedly agree that paying taxes is not a duty of the tech companies.
  • Re:Corrupt Indians (Score:3, Insightful)

    by singhulariti (1963000) on Thursday December 12, 2013 @04:47PM (#45674203)
    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.

Economics is extremely useful as a form of employment for economists. -- John Kenneth Galbraith