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New Delhi, Oct 31: <\/strong>Chief Justice of India D Y Chandrachud, while listening to challenges to the Electoral Bond scheme, remarked that before the scheme was brought in, the corporates could make contributions but only 7.5% of total profits and were bound to disclose this.<\/p>\nAnd this disclosure would mean public scrutiny on whether the transaction was a matter of quid pro quo, he added.<\/p>\n
\u201cIn the erstwhile regime, prior to Electoral Bonds, corporations could make contributions as well. But it was 7.5 per cent of total profit. The difference was that you had a duty to disclose. By disclosure there could be public scrutiny of whether this is really a quid pro quo,\u201d the CJI remarked while listening to senior advocate Prashant Bhushan\u2019s argument.<\/p>\n
Bhushan, who was representing ADR, had submitted before the court that the electoral bonds were privileging the ruling party and further skewing the level playing field. He said that these bonds cannot be taken by smaller parties that receive less than 1 per cent of votes and individual candidates.<\/p>\n
At this, the CJI pointed out to Bhushan that this scheme anonymised donations in relation to the rest of the society and not the donee.<\/p>\n
\u201cAnother point you may want to also explore is that this is not an anonymised donation in relation to a donee. It\u2019s anonymised in relation to the rest of society. The donee may or may not but could know of the sources.\u201d<\/p>\n
To this, Bhushan replied that the instrument of anonymised donations is promoting corruption. He further submitted before the court that right to a corruption-free society is covered under of Article 21 of the Constitution.<\/p>\n
Justice Sanjiv Khanna however pointed out that even under the earlier regime, the donations to the ruling party would always be more in number, compared to the non-ruling party. To this Bhushan agreed but said that here the question is of kickbacks.<\/p>\n
\u201cEarlier you could be prosecuted for corruption if you had given donations to a political party who in turn had given you some favours\u2026But now because no one will know as to who has donated, whether you\u2019ve received quid pro quo- it is promoting corruption.\u201d<\/p>\n
The CJI further said that in the case of a company, now even shareholders will not be told who they\u2019re contributing to and they will only get the result that the company has donated Rs 250 crore.<\/p>\n
Senior advocate Kapil Sibal started his argument by saying that capital and influence go hand in hand. He said that the electoral process must be such that it provides a level playing field to all participants.<\/p>\n
Sibal argued that the shareholders in a company put in their money to ensure that the corporation functions within the framework of the MoU. By donating to Electoral Bonds, the company is not informing the shareholders as to how their money is going to be spent.<\/p>\n
Sibal also said that the donations have nothing to do with electoral bonds as the political party can use the funds as they like.<\/p>\n
\u201cThere is nothing in the scheme which connects the donations made to the participation in the electoral process. It\u2019s a means for political parties to be enriched,\u201d he argued.<\/p>\n
At this, the CJI asked if there was no spending requirement. Sibal replied, \u201cNone! You can spend this money, however. You can build your office. You can set up a whole internet network throughout the country.\u201d<\/p>\n
He further told the court that if required the account can be closed anytime by the political party. He also submitted before the court that this is a scheme to protect criminals from being prosecuted.<\/p>\n
\u201cPlease read Section 7 of the Prevention of Corruption Act. This is also true under the PMLA. Because a predicate offence has been committed but no proceeds of crime \u2013 you\u2019ll never know\u2026You never know who bribed whom, how much was the bribe, what quid pro quo was there \u2013 you never get to know.\u201d<\/p>\n
He also said that the corporate sector which doesn\u2019t vote can donate Rs 10 crore and not disclose it, but a citizen\u2019s name will be disclosed.<\/p>\n
\u201cSo is the corporate sector being granted a privilege of anonymity over the citizen?\u201d he asked.<\/p>\n
<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"
New Delhi, Oct 31: Chief Justice of India D Y Chandrachud, while listening to challenges to the Electoral Bond scheme, remarked that before the scheme was brought in, the corporates could make contributions but only 7.5% of total profits and were bound to disclose this. And this disclosure would mean public scrutiny on whether the […]<\/p>\n","protected":false},"author":1,"featured_media":291305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[98909],"tags":[122605,6415,30385,98645,11092,11520,18941,10040,6765],"dealstore":[],"offerexpiration":[],"class_list":["post-291304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-anonymity","tag-bond","tag-chandrachud","tag-cji","tag-contributions","tag-corporate","tag-electoral","tag-hearing","tag-heres"],"yoast_head":"\n
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