HVK Archives: Cong(I), BJP support election fund, CPI scoffs at the move
Cong(I), BJP support election fund, CPI scoffs at the move - The Economic Times
Political Bureau
()
22 August 1997
Title: Cong(I), BJP support election fund, CPI scoffs at the move
Author: Political Bureau
Publication: The Economic Times
Date: August 22, 1997
The TATA Sons initiative to set up an electoral trust for funding political
parties was today welcomed by both BJP as well as the Congress(I) and
described it as a move that can help reduce the influence of slush finance
in the electoral process. However, the CPI, Which does not have 5 per cent
seats in the Lok Sabha - a precondition for being a beneficiary of the
proposed fund - struck a discordant note and termed it a hoax.
Senior BJP leader and former finance minister Mr Jaswant Singh, who hoped
that the Tata Sons' initiative would prompt other corporate houses to
follow suit, said the corporate house should be encouraged in its
endeavour. "We are glad that a corporate house of standing and reputation
has taken this initiative. We feel that this is a step in the right
direction," Mr Singh said.
On its part, the BJP had made some efforts to make election funding for the
party transparent. Although the party had to abandon its stand to take
donations only through cheques following resistance from the corporate
houses, party panel, which went into the issue, had suggested amendments in
the Company Law for making funding more open.
Mr Jaswant Singh reiterated the party's position that amendments should be
made to the Company Law for making the Tata Sons' initiative meaningful.
"Amendments are needed for making the funding process legally permissible,"
Mr Singh said. Mr Singh's colleagues, who shared his perception, felt the
Tata Sons initiative would make the funding process above board. "It will
be an open transaction and remain in the public domain," sold a party leader.
The Congress(I), too, is of the view that the move on the pert of Tata Sons
was a welcome one. "It is their money, and the corporate houses are free
to give it to anyone they want. If the effort is to bring in transparency,
no one should question it," said the party spokesman Mr Ajit Jogi.
The Left, however, scoffed at the setting up of the electoral trust, and
refused the view of the Congress(I) and the BJP on the subject. Reacting to
the idea mooted by Tatas, CPI general secretary, Mr A B Bardhan sold, "the
so-called transparency of some companies will help cover the
non-transparency of others."
His junior colleague, Mr Atul Kumar Anjaan too was not enthused by the Tata
Sons' move. "Is Tata Sow the wholesale agency of "transparency," asked a
caustic Anjaan, adding "companies like Tata Sons should stay aloof from
funding political parties. The government must bring in electoral reforms."
The CPI(M) leadership, how ever, refused to comment on the issue. A senior
party leader who made it clear that his party was against corporate funding
for elections, was of the view that the Tata Sons efforts cannot be a
substitute for state funding.
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