Today (15th March)Kapil Sibal, Rajya Sabha MP, asked for the formation of a Special Investigation Team (SIT) to investigate the issue of electoral bonds. Sibal’s call comes in response to concerns regarding transparency and accountability surrounding political funding mechanisms. He emphasizes the necessity for a thorough inquiry into the matter to uphold the integrity of democratic processes.
New Delhi: Today (15th March): In response to the “electoral bond data by the State Bank of India,” Kapil Sibal, a Rajya Sabha MP, asked the judiciary to establish a Special Investigation Team (SIT) to scrutinize the matter.
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During a press conference, Sibal criticized the inertia of investigative agencies like the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), alleging a lack of action comparable to situations involving the opposition. He pointedly referred to promises made by political figures, highlighting the disparity between rhetoric and reality and emphasizing the need for impartial scrutiny.
ED and CBI are sleeping right now. If this thing happens against the Opposition they would have taken action. They have taken an overdose of sleeping pills. You must remember because I don’t, that someone (referring to PM Modi) said ‘na khaoga na khane dunga’. What happened to that? Someone (PM Modi) said that they would bring black money from the Swiss bank and transfer Rs 15 lakh each to people’s accounts, but it seems like they have transferred that money to their accounts. In my opinion, this will not be investigated by any probe agencies. Now the responsibility is on the Court to determine what will they do and what action they will take,” Sibal said.
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He further said that the two major scams that have taken place in the country are demonetization and electoral bonds.
Sibal emphasized the significance of electoral bonds within the broader context of financial impropriety, understanding their impact to major scandals like demonetization. Drawing parallels with past judicial interventions, such as the 2G case, he advocated for the establishment of an SIT to conduct a comprehensive inquiry into the matter.
The data released by the Election Commission revealed significant purchasers of electoral bonds, including entities like Future Gaming and Hotel Services and Megha Engineering Infrastructure Limited.
According to the data, some of the donors include Finalex Cables Ltd, Lakshmi Niwas Mittal, Edelweiss Housing Finance Ltd, GHCL Ltd, Jindal Poly Films Limited, ITC Limited, Vedanta Limited, Grasim Industries Limited PR, Piramal Capital and Housing Finance Limited, Piramal Enterprises Ltd, Muthoot Finance Limited, Pegasus Properties Private Limited, Bajaj Finance Ltd, Bharti Airtel Limited, Apollo Tyres Limited, and SpiceJet Limited.
According to the data, JK Cement Ltd, DLF Commercial Developers Limited, Avon Cycles Ltd, Zydus Healthcare Limited, Cipla Limited, Dr. Reddy’s Laboratories Ltd, Mankind Pharma Limited, Qwik Supply Chain Private Limited, Haldia Energy Limited, Essel Mining and Industry Limited, Western UP Power Transmission Company Limited, Keventer Food Parks Limited, Jindal Steel and Power Limited, BG Shirke Construction Technology Pvt Ltd, Rungta Sons Pvt Ltd, and Torrent Power Limited are also listed as contributors.
Various prominent political parties have benefited from the electoral bond scheme, with names spanning the political spectrum. The transparency afforded by this disclosure offers valuable insights into the financial dynamics shaping political affiliations and activities.
“In compliance with the Hon’ble Supreme Court’s directions, contained in its orders dated Feb 15 and March 11, 2024 (in the matter of WPC No. 880 of 2017), the State Bank of India (SBI) provided the data pertaining to the electoral bonds to the Election Commission of India (ECI) on March 12, 2024,” the press note said.
The poll panel said that it has “consistently and categorically weighed in favour of disclosure and transparency,” a position reflected in the proceedings of the Hon’ble Supreme Court and noted in the order as well.
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An electoral bond is an instrument in the nature of a promissory note or bearer bond that 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 were issued specifically for the purpose of contributing funds to political parties.
These bonds were issued/purchased for any value in multiples of Rs 1,000, Rs 10,000, Rs 1,00,000, Rs 10,00,000, and Rs 1,00,00,000 from the specified branches of the State Bank of India (SBI).
The disclosed donors encompass a diverse range of entities, from corporations to individuals, reflecting the multifaceted nature of political contributions. Such transparency fosters accountability and enables stakeholders to evaluate the integrity of political processes.
