SC allows F1 race, reserves 25 percent of proceeds
New Delhi: 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.
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.