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Illustration: Binay Sinha
The implications of the Supreme Court’s ruling on the electoral bonds scheme on India Inc’s annual disclosures on political donations and bond purchases remain unclear, with legal experts divided on the issue.
The Supreme Court in its ruling on Thursday declared the 2017 amendment to Section 182 of the Companies Act, which required confidentiality of details of political contributions, as “unconstitutional”.
“A harmonized reading of the SC judgment with constitutional provisions would mean that every financial statement of companies now requires disclosure. However, this would apply to donations made after February 15, 2024, when the SC order came into effect,” Mukesh said.
First print: February 16, 2024 | 10:40 PM IST