Indian Court Unfreezes Nokia Assets, Clearing Way For Sale

Law360, New York (December 12, 2013, 3:12 PM EST) -- An Indian court on Thursday released frozen assets of Nokia Corp., clearing the way for the sale of the company's smartphone operations to Microsoft Corp. after Nokia agreed to pay 22.5 billion rupees ($363 million) of an alleged tax liability.

Two judges for the High Court of New Delhi removed restrictions on the sale placed by Indian tax authorities, after Nokia agreed to place a deposit 22.5 million rupees and to pay any additional tax liability placed on the company by the Indian tax courts. The...
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