On 24 April 2017, the India Supreme Court issued its decision on whether Formula One World Championship Ltd. (FOWC) had a permanent establishment (PE) for its races held in India at Buddh International Circuit in 2011, 2012, and 2013. The case involved UK based FOWC and India based Jaypee Sports International Ltd. (Jaypee), which had entered into a five-year race promotion agreement in September 2011 under which FOWC granted Jaypee the right to host, stage, and promote Formula One Grand Prix …