Electoral Bonds Case Hearing : Live Updates From Supreme Court

Bhushan: An investigative report by OCCRP, a global network of investigative journalists titled “Inside Indian Energy and Mining Giant Vedanta’s Campaign to Weaken Key Environmental Regulations” revealed backroom lobbying between Vedanta and the Union government.

Hearing to resume after 2 pm.

Bhushan: Acc to a report by Business Standard dated 21.06.2023- Vedanta Ltd, a multinational mining company donated Rs 457 cr in the last 5 years to political parties through EBs. Vedanta’s donation only in FY23 was Rs. 155 cr which was higher than Rs.123 cr donated in FY22.

Bhushan: It is interesting to note that in FY23, Vedanta Limited has been declared as the preferred bidder for various mining licences, namely Bicholim iron ore block in Goa, Sijimali bauxite and Ghogharpalli coal blocks in Odisha, and Kelwar Dabri in Chhattisgarh.

Bhushan: While various newspaper portals have reported that Vedanta is facing a severe financial crisis as it is under debts, it is still donating hundreds of cr in donations. The same raises concerns as to why such high donations are being made when the company is under debts.

Bhushan: The bonds are fashioned in a way that the money could secretly change many hands to reach the ultimate political party

Bhushan: Such is the effect of the amendment that even subsidiaries of foreign companies which have never carried out legitimate business in India can now secretly funnel hundreds of crores to a political party.

Bhushan: If the govt's argument is to be accepted that noone except SBI has details of donors then that would mean that the ECI, GOI, ED- have no access to donors unless some criminal offence is being investigated & they have specific info that money has been routed through EBs.

Bhushan: You can easily get a kickback and get away by anonymizing the kickback.

Bhushan: There is circumstantial evidence showing that it is being used as a kickback.

Bhushan: A company which is investing in a political party does so with an expectation that the receiver of such enormous funds which is either already a party in power or a party which ascends to power will bring favourable policies, legislations, orders.

Bhushan: During the 6 year period, more than 52% of BJP's total donations came from electoral bonds worth 271 cr

Bhushan: The total donations declared by BJP is more than three times the total donations declared by all other national parties put together.