"Majority of Electoral Bond contributions went to ruling parties in Centre, States," says SC

New Delhi [India], February 15 : In a separate but concurring opinion in the Electoral Bonds case, Justice Sanjiv Khanna highlighted significant data related to contributions via such bonds. He observed that a majority of these contributions were directed towards parties holding power at both the national and state levels.
Justice Khanna was part of the five-judge Constitution bench which struck down the Centre's Electoral Bonds scheme. He referred to the data which showed that the lion's share of the contributions came from corporate sources.
The data showed about 94 per cent of the contributions came from Electoral Bonds of Rs 1 crore denomination, indicating the quantum of corporate donations.
The judgement mentioned the figures based on the data from the website of the Election Commission of India and the details furnished by the petitioners regarding the contributions received by political parties.
Justice Khanna said, "The claim of privacy by a corporate or a company, especially a public limited company would be on very limited grounds, restricted possibly to protect the privacy of the individuals and person responsible for conducting the business and commerce of the company."
Justice Khanna further wrote, "It will be rather difficult for a public (or even a private) limited company to claim a violation of privacy as its affairs have to be open to the shareholders and the public who are interacting with the body corporate/company. This principle would be equally, with some deference, apply to private limited companies, partnerships and sole proprietorships."
The judgement further added, "Based on the analysis of the data currently available to us, along with our previous observation asserting that voters' right to know supersedes anonymity in political party funding, I arrive at the conclusion that the scheme fails to meet the balancing prong of the proportionality test."
An Electoral Bond is an instrument in the nature of a promissory note or bearer bond which can be purchased by any individual, company, firm or association of persons provided the person or body is a citizen of India or incorporated or established in India. The bonds are issued specifically for the purpose of contribution of funds to political parties.
The judgement of the apex court came on various petitions pending before it challenging amendments made to different statutes through Finance Act 2017 and Finance Act 2016 on the ground that they have opened doors to unlimited, unchecked funding of political parties.