Electoral Bonds Scheme Unconstitutional : Supreme Court- LIVE UPDATES

Electoral Bonds which are within the validity period of 15 days but which have not been encashed by the political parties yet shall be returned by the political party to the purchaser. The issuing bank shall then refund the amount to the purchaser: Supreme Court

Correction : ECI shall publish the details of electoral bonds purchase in its website by March 13, 2024 (due to typographical error, the date was earlier mentioned  as March 31).

Prashant Bhushan : This is a salutary judgment which will enhance our democratic process..

Solicitor General : This is for outside..photographers are waiting outside....

Justice Sanjiv Khanna starts pronouncement : I agree with the judgment of CJI. I have also applied the principles of proportionality but with slight variation. But the conclusions are the same.

CJI : SBI shall furnish the details of electoral bonds encashed by the political parties.

SBI shall submit the details to the ECI. ECI shall publish these details on the website by March 31, 2024.

CJI : Conclusions

1. Electoral bonds scheme is violative of Article 19(1)(a) and unconstitutional.

CJI : Amendment to companies Act are unconstitutional.

CJI : The issuing bank shall forthwith stop the issue of electoral bonds.

The State Bank of India shall furnish the details of donations through electoral bonds and the details of the political parties which received the contributions.

CJI : Before amendment, loss making companies were not able to contribute. The amendment does not recognize the harm of allowing loss-making companies to contribute due to quid pro quo. The amendment to Section 182 Companies Act is manifestly arbitrary for not making distincition between loss making and profit making companies.

CJI : A company has more graver influence on the political process than contributions by individuals. Contributions by companies are purely business transactions. Amendment to Section 182 Companies Act is manifestly arbitrary for treating companies and individuals alike.

CJI : It violates the right to information of citizens, about possible quid pro quo...

CJI : Amendment to S 182 of Companies Act become otiose in view of our finding that electoral bonds scheme is unconstitutional.

CJI : Amendment to the Companies Act (allowing blanket corporate political funding) is unconstitutional.