Owned by Jaypee group, the Buddh International Circuit which became the venue for the very first Formula One Indian Grand Prix has been closed by local authorities over pending land dues. To recover the dues, officials of the Yamuna Expressway Industrial Development Authority (YEIDA) intends to issue a global tender to auction the international race circuit. Apparently, Jaypee Infratech Limited has dues accounting to around Rs 600 crore.
BIC was already burdened with a lot of problems. The issues started when the UP government levied an exorbitant tax amount on JPSK (now Jaypee Sports International Limited) claiming that Formula One cannot be considered as a sport, but only as an entertainment event.
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