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.
