SC dismisses Nokia appeal over asset transfer to Microsoft

Supreme Court on Friday dismissed Nokia's appeal challenging a lower court order over transferring ownership of its local mobile phone plant, which is the subject of a tax dispute, to Microsoft Corp.

The Supreme Court upheld a verdict by the Delhi High Court and ordered Nokia to give a guarantee for Rs 3,500 crore.

Nokia, which is selling its mobile phones business to Microsoft in a 5.4-billion-euro deal, last month appealed to the Supreme Court saying the Delhi High Court had imposed "new conditions" over the transfer of the plant, after previously lifting a freeze on the assets.
 
(Reuters)