The controversy surrounding the electoral bond scheme persists, with NGO Common Cause alleging a scam and petitioning the Supreme Court for a Special Investigation Team (SIT) probe into the matter.
The petition, filed by NGO Common Cause in the Supreme Court, asserts that corporate entities utilize electoral bonds to evade scrutiny by Central Government investigative agencies (CBI, ED, Income Tax) and to secure government contracts or licenses. Moreover, it claims that in numerous instances, governments at both the central and state levels have altered policies to favor donating companies after receiving contributions. The petition also highlights the significant donations made by loss-making and shell companies through bonds, suggesting a potential laundering of black money. The petition, represented by lawyer Prashant Bhushan, emphasizes the need for an independent committee formed by an SIT to conduct a thorough investigation.
Prashant Bhushan argues that electoral bonds amount to outright bribery and calls for an investigation under the Prevention of Corruption Act to hold accountable those involved, including individuals from companies, political parties, and government agencies such as the ED and Income Tax Department.
It is noteworthy that the Supreme Court previously invalidated the electoral bond scheme, deeming it unconstitutional, and mandated the disclosure of donation accounts for the preceding five years. The court emphasized that curtailing black money should not come at the expense of violating the Right to Information. The petition further urges the court to direct an investigation into alleged violations of Section 182(1) of the Companies Act, 2013, by companies donating to political parties via electoral bonds within three years of their incorporation, with penalties imposed under Section 182(4) of the Act.
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