Supreme Court dismisses PIL against FM Arun Jaitley

By: | Updated: December 7, 2018 5:18 PM

The Supreme Court Friday dismissed a PIL raising allegations against Finance Minister Arun Jaitley relating to capital reserve of the Reserve Bank of India.

PFC, REC, Power Finance Corporation, Rural Electrification Corporation, BSE, NSE, stocks, market, Cabinet Decision, arun jaitley, business news in hindiSharma had accused the Finance Minister of plundering the capital reserve of the RBI.

The Supreme Court Friday dismissed a PIL raising allegations against Finance Minister Arun Jaitley relating to capital reserve of the Reserve Bank of India. The apex court also imposed a cost of Rs 50,000 on advocate M L Sharma, who had filed the public interest litigation (PIL). “We find no reason whatsoever to entertain this PIL,” said a bench comprising Chief Justice Ranjan Gogoi and Justcie S K Kaul. Sharma had accused the finance minister of “plundering” the capital reserve of the RBI.

The bench also directed the apex court registry not to allow Sharma to file any PIL till he deposits Rs 50,000. The top court imposed the cost as the advocate continued with the argument after the dismissal of the PIL. The Chief Justice warned him not to continue with the submissions, saying cost will be imposed if he was unable to satisfy the court. The apex court expressed displeasure that the advocate made the finance minister as the main party in the PIL.

The bench said: “What is this PIL? You cannot go on with such misadventure. What exactly is this? You are saying the finance minister is plundering the capital reserve of the RBI. “We don’t subscribe to such plea and picking up on people. You are not bringing honour to this institution. Why do we permit you to go ahead with this PIL.” The advocate had also alleged interference by the Centre in the functioning of the Reserve Bank.

He submitted that the finance minister favoured waiving loan of up to 55,000 crore given by the PSU banks to prominent corporates who have been giving donations to a particular party. The lawyer said that previously receiving donations from foreign companies was a criminal offence but later the Centre and the finance minister brought amendments in the provisions of Foreign Contribution Regulation Act to permit such donations.

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