Clearing the decks for holding the Formula-1 Grand Prix in Noida starting from October 28, the Supreme Court today gave the green signal to the event and directed the organisers to reserve 25 per cent of the total collection from the event in a non-lien account.
A bench headed by Justice DK Jain also directed that the decision of the Mayawati government to waive off the Entertainment Tax shall be subjected to the final outcome of the petition pending in the apex court.
Last week, the Supreme Court had issued notices to the UP government and Jaypee group, the organiser, on a petition challenging the decision of the state government to grant exemption to the event from the Entertainment Tax.
The organisers have told the apex court that they have collected Rs 75 crore from the sale of tickets.
However, the organisers have already slashed the rate of the tickets from Rs 35,000 a head to Rs 15,000 and the minimum price for the ticket is Rs 3,000.
Master Blaster Sachin Tendulkar is also going to witness the grand prix as he has accepted the invitation of one of the participants in the race.
SOURCE: UNI
