Supreme Court Orders SBI: Disclose Electoral Bond Details by March 12

Date:

Supreme Court Orders SBI to Disclose Electoral Bond Details by March 12

The Supreme Court has directed the State Bank of India (SBI) to reveal the particulars of electoral bonds cashed by political parties to the Election Commission by March 12, issuing a warning of potential consequences for ‘wilful disobedience’ if the deadline is not met. Despite SBI’s request for an extension until June 30, the court rejected the plea.

Moreover, the court has mandated the Election Commission to publish the disclosed information on its official website by March 15. The five-judge constitution bench, headed by Chief Justice D Y Chandrachud and including Justices Sanjiv Khanna, B R Gavai, J B Pardiwala, and Manoj Misra, issued this directive.

Earlier, on February 15, the same bench had deemed the Centre’s electoral bonds scheme “unconstitutional” and instructed the EC to unveil donors, donation amounts, and recipients by March 13. The court also instructed SBI, the designated financial institution under the scheme, to furnish details of electoral bonds procured since April 12, 2019, to the EC by March 6.

The opposition leaders have lauded the court’s decision, anticipating transparency regarding the donors involved in political funding through electoral bonds.

SBI Faces Criticism

The Supreme Court reprimanded the State Bank of India for the delay in disclosing details about electoral bonds cashed by political parties, expressing disappointment over the lack of transparency. Chief Justice DY Chandrachud emphasized the expectation of candor from SBI, stressing the urgency of the matter.

Refusal of Extension

The five-judge Constitution bench, led by CJI Chandrachud, dismissed SBI’s plea for an extension until June 30 to furnish the details, citing the accessibility of the information. The bench directed SBI to disclose the details by March 12 and instructed the EC to publish them by March 15, cautioning SBI of potential contempt action for non-compliance.

Deadline for EC

The court mandated the Election Commission to promptly publish the information provided by SBI on its official website by March 15, underscoring the imperative of transparency in the electoral process.

SBI’s Data Compilation Challenge

During the hearing, senior advocate Harish Salve, representing SBI, mentioned that the bank had ceased issuing electoral bonds following the court’s directive but sought additional time due to the complexity of collating information from various sources. However, the apex court clarified that the requisite information was readily available to the bank, stored in separate databases, and stressed the necessity of a direct and transparent disclosure.

Pradum Shukla
Pradum Shuklahttps://xpertkashi.in
Pradum Shukla is a seasoned journalist and editor at Xpert Kashi. With a keen eye for detail and a passion for uncovering the truth, Pradum has established himself as a trusted voice in the media industry. His dedication to delivering accurate and insightful news has earned him a reputation for excellence in journalism. At Xpert Kashi, Pradum leads a team of talented writers and reporters, guiding them in producing compelling stories that inform and engage the community.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

King Riaz Hits 100K Followers Fast – Viral Free Fire Star from Khargapur

Khargapur, West Bengal – In an extraordinary rise to...

CM Yogi’s Strong Statement on Bengal Violence: “Some People Only Understand Sticks, Not Words”

After recent violence in Murshidabad and 24 Parganas’ Bhangar...

PM Modi’s Call Helped Trap Mehul Choksi? Old British-Era Treaty Came in Handy — Know How

Mehul Choksi, the businessman accused of cheating Punjab National...

Ashwini Choubey Demands Deputy PM Post for Nitish Kumar, Chirag Paswan Reacts, RJD Calls It a Joke

Recently, senior BJP leader and former Union Minister Ashwini...