Delhi HC names Ernst & Young as Nokia Chennai plant’s valuer

The Delhi High Court on Monday appointed Ernst & Young India Pvt Ltd as valuer for Nokia India's Chennai mobile making plant, frozen over an alleged Rs 10,000 crore tax dispute with the Income Tax department.

A bench of justices Badar Durrez Ahmed and Sanjeev Sachdeva appointed the multinational professional service firm after it was informed by the Income Tax department that Nokia had written a letter to the Union revenue secretary informing him of appointing the valuer for its Chennai plant.

"The valuation of the assets will be done by Ernst & Young India Pvt Ltd. Counsel for Income Tax department says he has no objection to the valuer appointed by the said company. The said valuation should be done in two months. Put it for further hearing on September 7," the bench said.