MUMBAI, January 22: As initiated by the Tata group of companies, a trust for funding of elections has been set up with an aim to discharge its corporate obligation bring in transparency and eradicate corruption in election funding.A three-member committee has been appointed for looking after the trust which is headed by senior advocate of Supreme Court Dinesh Vyas. Talking to UNI Vyas said this is for the first time in the country an industrial house has taken initiative to set up a trust to fund the political parties. He informed that the trust is an independent body and has no connection with any of the political parties. The corporate houses will send the amount by cheque to the trust and trustees will sanction the fund to the recognised political parties.
On being asked about the distribution of fund Vyas informed that only the recognised parties will be entitled for receiving assistance from the trust. The fund will be provided to parties on basis of the number of seats won by them in the previous
election. It will be distributed in two equal instalments-half during the campaign period and the remaining half of the amount after the elections are over and the accounts submitted in full, he added.
The main aim to start this trust is to uproot corruption and bring the transparency in poll funding by corporate houses, Vyas said and added that this will also strengthen the democracy so vital for survival of the corporate houses. "Corporate business will not be able to survive without secular democracy," he said. When asked about the mode of fund collection for the trust Vyas said every corporate house can contribute five per cent of its net profit of last three-year under Section 293 (a) of Company Act. He said "it will be voluntary for the corporate houses to join the trust and the trust on its own would not approach any one for contribution."
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
