Two years ago, Suresh Kalmadi, president of the Indian Olympic Association (IOA), proudly said that he had sealed an agreement to bring the Formula One Grand Prix to India. Just months later, the company that signed the contract with the organisers had his son as part owner — and a year later, his daughter and her husband joined it as directors.

In June 2007, Kalmadi — as IOA chief — announced that he had a letter of intent from F1 chief Bernie Ecclestone under which the IOA would “promote and back” the move to build infrastructure for the event in India and “elicit support from Central and State Governments to construct the circuit.”

In October that year, the UK-based Formula One Administration Limited — F1’s organisers — signed a Rs 1600-crore contract with JPSK Sports Private Limited.

Records obtained by The Indian Express show that JPSK’s stakeholders are Jaiprakash Associates (74%); Pune-based Sulba Realty Private Limited (13%) of which Kalmadi’s son, Sumeer Kalmadi, is Director; and Trackwork International Pvt Ltd, a Delhi-based firm (also 13%). SK in JPSK is an apparent reference to Sumeer Kalmadi.

As per the agreement between the three — signed on November 16, 2007 — JPSK acquired around 2,500 acres for the project. Approximately 1000 acres of this will be used for the race circuit and the “balance land” will be “developed” in the ratio of 80%-10%-10% between Jaiprakash Associates, Sulba and Trackwork.

Records from the Registrar of Companies, Ministry of Commerce, show that a year after the company was floated, Kalmadi’s daughter, Payal Aditya Bhartia, and his son-in-law, Aditya Bhartia, joined JPSK as Independent Directors. Officials of the Jaypee Group say they regularly attend Board meetings.

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