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SC Orders Formula One to Deposit $15.45m in Four Weeks
September 12, 2017
To secure the income tax department’s claims on the revenue generated from the Formula One races conducted in India, the Supreme Court has asked the Axis Bank to honor the letters of credit (LCs) issued to two English banks. It has also ordered Formula One to deposit $15.45 million within four weeks with the Bombay High Court as only after then the Indian lender will have the authority to release the money to the UK banks.
The court said that the LCs are the Formula One’s assets that can be used to recover the dues if they won’t comply.
