SC asks 25% to be deposited, F- 1 venue heats up much early

October 22, 2011 09:31
SC asks 25% to be deposited, F- 1 venue heats up much early

SC asks 25 to be deposited F 1 venue heats up much earlyAs per Newton’s law anything tossed up returns to the earth, due to the gravitational pull. But in this democratic country’s law anything that flies high gets its wings chipped. The Formula one race track at the Bhuddh International Circuit at Greater Noida is not an exception either. Well in the legal controversy that aroused after a PIL filed regarding the exemption of Entertainment Tax to the organizers by the UP government seems to evoke some negative response from the apex court on Friday. At one point the permission for the event was speculated, but by the prayers by the sport lovers the authorities cleared the decks.

The Supreme Court cleared the decks for the Formula 1 race in Greater Noida, stipulating the organisers deposit 25 per cent of sale proceeds from tickets in a separate account which would not be operated without its permission. The apex court, however, clarified it was not examining the legality or otherwise of the Formula 1 race, but confining itself only to examining the validity of the entertainment tax exemption granted by the Uttar Pradesh government.

The investment of Rs 1, 700 Cr in F1 infrastructure, the development of facilities and the provision of services will create, directly and indirectly, several thousand skilled, technical and commercial jobs. Infact it has already generated income to many SME’s around in Noida like the Travel and the hospitality industry. Even unskilled manpower also has been recruited for various jobs by the organizers, nearly 2000.   The larger aim is to promote India as an emerging hub for motor sports and the automotive industry, besides bolstering its image as a country that can organize large international events, dispelling the negative impression associated with the conduct of the Commonwealth Games last year.

If you enjoyed this Post, Sign up for Newsletter

(And get daily dose of political, entertainment news straight to your inbox)

Rate This Article
(0 votes)