So, here goes exact lines from the Hon Home Minister, then was out of power both in the ministerial and parliament,
This article was published in August 18, 2002 in the Indian Express. Don't look at P.Chidambaram, now with the backdrop of scams and all other odd news, I read his columns three years ago when it was published in Book form. A View from the Outside: Why Good Economics Works for Everyone. It is must read one!!
The article I refer here is in page number 277-280.
Last three paragraphs from his hot article titled "Laughing All the way to the vote bank".
"What we need is a comprehensive law to regulate political parties. Just as we have Companies Act to regulate the affairs of companies, we must have a law that will lay down detailed rules to govern the functioning of political parties.
The Income Tax Act must visit political parties with the same consequences for breach as it does in the case of companies and individuals. We also need a body like the Company Law Board to oversee the functioning of political parties and resolve internal disputes.
Just as corporate governance has become a big issue, governance of political parties must also be raised as an important issue. Because, if we have poor governance in our political parties and if they do not observe any principles or ethics, the governance of the country will also descend to more abysmal levels." (p.280)