HC restrains Nokia from selling, transferring ownership rights

The Delhi High Court has restrained Finnish mobile maker Nokia from selling or transferring its ownership rights in India relating to movable and immovable assets in an alleged tax evasion case.
A bench of justices Sanjiv Khanna and Sanjeev Sachdeva, while hearing a plea of Nokia India Pvt Ltd against the Income tax department's recent order attaching (freezing) its all 15 bank accounts, also asked the handset firm to inform the assessing officer two days in advance before repatriating any money abroad.
The bench also asked the company not to transfer dividend abroad without its permission.
"The petitioner(Nokia India) will not surrender the lease- hold rights or transfer the ownership rights in respect of any of the immovable asset transfer and the fixed asset to any third person. The petitioner will not transfer, sell or alienate movable plant or machinery located in the immovable properties mentioned in the....Of the impugned order," the court said in a recent order.

"The petitioner before repatriating any money abroad will inform the assessing officer (AO) at least two working days in advance," the court said and gave liberty to the AO to approach it in case he finds the transfer of money "concerning or questionable".
In addition, the court said "no dividend will be transferred abroad without permission of the court till the next date of hearing" and posted the matter for November 12.

Granting minor relief to Nokia India, the court said "the petitioner will be entitled to receive debts-created receivables, loans and advances but the amount so received will be deposited in the bank accounts mention in Sub para...Of the impugned order.

"The petitioner will be entitled to operate the bank accounts in normal course of business and will file monthly statement of bank accounts with the AO in hard copy as well as by sending details via e-mails...," the court said.
The issue related to the Income Tax department's Rs 2080 crore tax demand notice to the Finnish mobile firm.