SC Dismisses PIL Seeking Probe Against Media Houses for Exit Polls and Stock Market Crash

By Legal Wires 5 Minutes Read

The Supreme Court of India has dismissed a Public Interest Litigation (PIL) filed against several media houses for broadcasting exit polls during the General Elections, which allegedly resulted in misleading stock market investors. The petitioner claimed that the exit polls caused significant fluctuations in the stock market, leading to a loss of Rs 31 lakh crores in public investments. The PIL sought investigations by various agencies, including the CBI, ED, CBDT, SEBI, and SFIO. However, the Supreme Court refused to entertain the plea, labeling it a ‘Political Interest Litigation.’

Court’s Ruling

• The bench, headed by Chief Justice DY Chandrachud and comprising Justices JB Pardiwala and Manoj Misra, outrightly dismissed the PIL. The CJI remarked: “The government is now already elected, let’s now close off the saga of what happens during elections and get on with the governance in the country. The Election Commission will handle it and we will not run the ECI. This is a clear case of Political Interest Litigation.”
• The Court emphasized that the matter was more of a political interest than a genuine public concern, as the elections had already concluded and the Election Commission of India (ECI) is the appropriate body to manage such election-related issues.

Allegations Raised in the PIL

• The petitioner, B.L. Jain, alleged that several media houses had broadcast exit polls on their TV channels right after the conclusion of the last phase of the General Elections.
• According to the petition, this broadcasting of exit polls had a significant impact on the stock market, leading to a sharp rise in investments, followed by an immediate crash on June 4, when the final election results were announced.
• The petitioner claimed that this crash resulted in a loss of Rs 31 lakh crores in public investments and argued that the actions of the media houses violated the Representation of People Act, 1951, and the Election Commission Guidelines.

Petitioner’s Arguments

• The plea called for investigations by the CBI, ED, CBDT, SEBI, and SFIO into the media houses’ conduct.
• The petitioner argued that the alleged manipulation of exit polls hindered the principles of free and fair elections and disrupted the rule of law.
• The petitioner emphasized the need for a thorough investigation into whether the broadcasting of exit polls had been coordinated to manipulate stock market trends and mislead investors.

Court’s Conclusion:

The Supreme Court, while dismissing the petition, declined to intervene in the matter, placing the responsibility squarely on the Election Commission of India to handle issues related to exit polls. The Court stayed firm in its position that the Election Commission is fully competent to deal with such matters without judicial interference.

The next steps in the case are expected to focus on how the Election Commission addresses the concerns raised about the broadcasting of exit polls during election periods.

Click to read: B.L. JAIN Versus UNION OF INDIA AND ORS. Diary No. 26323-2024

Legal Wires

Team @LegalWires