AI Structured Summary
Not yet generated for this judgment
Judgment
Y.B. Chandrachud, C.J., P.N. Bhagwati, S.M. Fazal Ali and A.N. Sen, JJ.—We are of the View that the Special Bearer Bonds (Immunities and Exemptions) Ordinance, 1981 is not outside the Ordinance making power of the President under article 123 of the Constitution and is not invalid on that count. We also take the view that neither the Special Bearer Bonds (Immunities and Exemptions) Ordinance, 1981 nor the Special Bearer Bonds (Immunities and Exemptions) Act, 1981 is violative of article 14 of the Constitution. We accordingly dismiss the petition but since the petitions are in the nature of public interest litigation, we make no order as to costs. The reasons for making this Order will follow later.
A.C. Gupta, J.
I have come to the conclusion that the Special Bearer Bonds (Immunities and Exemptions) Ordinance, 1981 and the Special Bearer Bonds (Immunities and Exemptions) Act, 1981 are violative of article 14 of the Constitution and are, therefore, invalid. I would allow the writ petitions with costs. I shall give my reasons later.