Supreme Court Of India Asks F1 Race Organizers To Deposit 25% of Ticket Sales Revenues In Non-Lien Account


In a Public Interest Litigation (PIL) filed against the decision on providing Entertainment tax wavier to the Indian Grand Prix F1 Racing event to be held from 28th to 30th of October 2011 in India at the Greater Noida Buddh International circuit, the Supreme Court of India has asked JPSI (organizers of Indian F1 Grand Prix) to deposit 25% of the amount of the ticket sales revenues in a non-lien account which can not be operated  without court’s approval. The organizers have to deposit this sum by a fortnight after the event on 30th October 2011.

Red Bull Racing F1 Car At Buddh International Circuit

image- Red Bull F1 Racing Car Running At Buddh International Circuit In India

As per the PIL filed for the same,

“F1 racing event is an elitist, exclusive and dangerous sport reserved for the very rich and the elite of society and did not deserve the entertainment tax waiver.The PIL alleged that the entertainment tax waiver was granted because the company is close to the Uttar Pradesh political leadership.”

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via – BusinessLine

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