Electoral Bonds Case Hearing : Live Updates From Supreme Court

Sibal: Our Constitution is citizen centric. It's for citizens to decide to donate. If you want corporate funding then that corporate funding must be for electoral process, not for political parties. Otherwise it's not free and fair elections.

Sibal: If the voice of the corporate sector drowns the voice of the citizens - that's very dangerous

Sibal: No legitimate object because it's not limited to the elections. No proportionality because it is unlimited. No free and fair elections because how heavily it is loaded towards party in power. So you're creating a non level playing field. That's violative of 324.

Sibal: I can't raise questions in parliament. I can't raise questions outside the parliament. The scheme has no definite objective.

Sibal: They call it electoral bonds but they're not electoral bonds. Section 123 of RPA talks of expenses.

Sibal: It's not just a question of transperancy. It's much wider than that. If I don't get to know the name of the donor, I cannot know of the transaction, I cannot know the possible quid pro quo. I cannot participate in democracy.

CJI: And the person could be an aggregator of bonds- may give ten bonds to diff people.

Sibal: Indian mind is genius in these things. RBI raised these concerns repeatedly.

Justice Khanna: Because of the curtain there cannot be any questions regarding quid pro quo.

Sibal: That's right. Ultimately, people who actually invested in it will tell the political party.

CJI: Trading is prohibited. But there is no way to prohibit trading the bond.

CJI: So the person who has satisfied the requirement of transaction being through normal banking channels is A. But this doesn't obviate the fact that people behind it...all they have to say is that they used authorised banking channels.

CJI: Now there is no control over the transaction between A and B. So B can trade on that bond for cash or for other considerations. B acquires that bond. B gives to C who hands it to a political party.

CJI: Suppose A purchases the bond worth 100 crores. A is only the person who is being put up to purchase the bond because A has KYC etc. A has to only physically hand over the bond to B. B gives to C who will in turn give to a party.