SC allows F1 race but wants 25% of its sale proceeds reserved

Oct 21, 2011 |

New Delhi

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The Supreme Court on Friday 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.

The apex court rejected the arguments of the organisers that the direction would act as a dampener and cause adverse publicity since it was an international event.

"How can it be a dampener or cause adverse publicity we do not understand?," the bench remarked while passing the order.

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