Pasha: But for funding political parties and thereby having a say in the electoral politics of the country - there is no problem. Just the comparison points out the legislative absurdity.
Pasha: The government and the legislative policy doesn't permit a company incorporated in certain jurisdictions to even enter into procurement contracts with the government.
Pasha: -Because we don't want foreign control of our media. But we have no problem in allowing such a company to purchase bonds and transfer it to political parties- an entity that runs the country.
Pasha: But here, to purchase an electoral bond a company is eligible so long as it is incorporated in India. This results in the absurdity that while we don't permit investments by an entity which has 51% foreign sharing in let's say media-
Pasha: The only test is that the company should be incorporated and established in India. In all other financial regulations, there is a concept of beneficial ownership where beyond a certain percentage, if there is foreign ownership, it is treated like a foreign source.
Pasha: This scheme is manifestly arbitrary... legislation is arbitrary when it is not fair, reasonable, discriminatory, transperant, against public welfare...
Adv Nizam Pasha: Cash is notably absent from forms of purchasing electoral bonds. Therefore, question of black money coming in system has been cut out at the inception itself.
Farasat: A person with X conscience may not want to fund a right wing party. A person with Y conscience may not want to fund a left wing party. It may infringe on his conscience to use his property to support and fund a particular party.
Farasat: A share is a property of a shareholder. My property is being used to fund a certain purpose. Political views have been held by this court as part of right to conscience. I don't even know who my money is being used to fund.
Farasat: It impacts two kinds of democracies- popular democracy and shareholder democracy. The only people who are part of company are shareholders. They also vote. They are the only ones excluded from knowledge of where the money is going.