Bhushan (continuing from the judgement): "We will impose a condition on the order passed by the learned Judge confirming the alteration that the company at the end of every financial year will publish in two leading newspapers in India, one of which must be published in Bombay a complete statement of all the contributions and donations made by it to any political party or any political institution or any political cause."
Bhushan (reading from Jayantilal Ranchchoddas Koticha v TISCO, 1957): "...Any proposal or suggestion which is likely to strangle that democracy almost in its cradle must be looked at not only with considerable hesitation but with a great deal of suspicion."
Bhushan: This electoral bonds form the bulk of political funding of parties. By making this non transparent you're defeating an important right of people to know where they're getting money from- whether this is tainted money, black money, from shell companies etc
Bhushan: Bulk goes to the ruling parties at centre- more than 50%, remaining go to ruling parties in State, virtually nothing goes to opposition parties.
Bhushan: Figures about electoral bonds show that one, they're almost all in denominations of 1 crore so they're largely being purchased by corporates etc. Two, they're only being given to ruling parties.
Bhushan: If I know that this party is being funded by companies who are getting benefits by political party- then I know this party is corrupt because it is essentially getting quid pro quo.
Bhushan: Funding of political parties cannot be covered by any one of those grounds mentioned under Art 19(1)(2).
Bhushan: And, contrary to what the govt is saying - they're saying there are reasonable restrictions imposed...but those restrictions have to reasonable, proportionate. Second, they have to be covered by one of the 6-7 things- public order etc
Justice Khanna: Your argument is that citizens must know what are the sources of funding of political parties and that is in larger public interest. Therefore, it'll be covered by Art 19(1)(a)
Bhushan: Political parties are playing a very important role in our democracy. They get a common symbol, they contest as parties, they form governments, they have a right under tenth schedule of those who flout party mandates and so on.