EY roped in to figure out the true value of Nokia’s Tamil Nadu plant
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A few days after the income tax department told the court that an offer made by a potential buyer for the As reported by the ET, Justices BD Ahmed and
The order comes a few days after the income tax department told the court that an offer made by a potential buyer for the Nokia plant was too little. The two-judge bench will hear the matter next on September 7.
Nokia, which sold its handset-making business unit to
"We are currently analysing the High Court order and cannot comment further until that work is done. Our overall focus continues to be what we've said for some time now: finding a way to get the asset freeze lifted so we can explore potential opportunities for a sale to a suitable buyer," a Nokia spokesperson told the financial daily.
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The IT department said the offer made the buyer was very low, even as the court sought the basis of the department's claim. The department had told the court at previous hearings that Nokia's tax liabilities could be about Rs 10,000 crore for a single year and the company had not provided a guarantee to meet its tax liabilities.
(Image: Reuters)
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