Friday, 21 October 2011

21 OCT, 2011, 03.38PM IST, PTIFormula 1: SC allows F1 race in Greater Noida; wants Jaypee Sports International to pay 25% of its sale proceeds from tickets



As all our readers must be knowing that Formula 1 Indian GP event scheduled on 30th October 2011 was in dialemma and was under constant supervision by all the Formula 1 fans as the decision by Supreme Court on Custom Duty deposit was yet to come. The announcement by Supreme Court comes as a very Good news for all the Formula 1 Indian GP Fans.

The Supreme Court today cleared the decks for the Formula 1 race in Greater Noida, stipulating that the organisers would deposit 25 per cent of sale proceeds from tickets in a separate account which would not be operated without its permission.

A bench of justices D K Jain and A R Dave in an interim order directed that the amount would be subject to the final outcome of a plea challenging tax exemptions accorded to the organisers of the Formula 1 race.

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