India F1 organisers slapped with Rs 200 crore notice

Updated: 14 October 2011 19:36 IST

The Enforcement Directorate on Friday, issued an estimated Rs 200 crore notice for alleged violation of foreign exchange rules to the JP Group which is organising the high-profile Formula One Indian Grand Prix at Greater Noida near here.

India F1 organisers slapped with Rs 200 crore notice
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New Delhi:

The Enforcement Directorate on Friday, issued an estimated Rs 200 crore notice for alleged violation of foreign exchange rules to the JP Group which is organising the high-profile Formula One Indian Grand Prix at Greater Noida near here.

ED sources said that notices under the provisions of the Foreign Exchange Management Act (FEMA) have been sent twice to the firm JP Infra in the last few months.

The notices pertain to alleged contravention of forex in the preparation of the F1 race and is pegged at close to Rs 200 crore, they said.

The ED has asked the group to present before it the RBI permissions it received for routing funds to a foreign location.

The 17th race of the F1 Championships is scheduled to be held at the Buddh International Circuit at Greater Noida on October 30.

Topics : Formula 1 Lalit Modi Buddh International Circuit Indian Grand Prix
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