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

New Delhi, Oct 21: The Supreme Court today (Oct 21) 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.

PTI