The Delhi High Court has appointed Ernst & Young India to value the Nokia?s mobile manufacturing plant in Chennai, which remains frozen over an alleged Rs 100 billion tax dispute with the Income Tax department. This comes after an urgent plea was filed by Nokia seeking permission to sell the assets as it had found a prospective buyer.
E&Y has been directed to calculate the valuation in two months, assessing the assets of the company on both ‘on going concern’ (company not bankrupt) and ‘non-going concern’ (company has gone bankrupt) methods. Meanwhile, the I-T Department has stated that it has no objection to any valuer appointed by company but the valuation should be done with the ‘on going concern’ method.
