NEW DELHI: Supreme Court on Monday directed the State Bank of India (SBI) to disclose the details of electoral bonds collected by political parties to the Election Commission by March 12. The court warned SBI that it may face consequences for “willful disobedience” if it fails to meet the deadline. The SBI requested an extension until June 30, which was rejected by the court.
Additionally, the court directed the Election Commission to publish the information provided by the bank on its official website by March 15. The five-judge constitution bench, headed by Chief Justice DY Chandrachud, passed the order. The bench also included Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra.
Earlier on February 15, the same bench declared the Centre’s electoral bond scheme “unconstitutional” and ordered the EC to disclose donors, donation amounts, and recipients by March 13. The apex court also directed the SBI, the authorized financial institution under the scheme. , to provide details of electoral bonds purchased since April 12, 2019 to the EC by March 6.
Opposition leaders welcomed the court’s order and believe it will reveal the donors behind political funding through electoral bonds.
A setback for SBI
- In a major blow to the State Bank of India (SBI), the Supreme Court pulled up the bank for delay in disclosing details of electoral bonds deposited by political parties and said it expected some candor from the bank, which is the authorized financial institution . under the scheme.
- “Our judgment is dated February 15. We are on March 11. In the past 26 days, what steps have you taken? Your application is silent on that. We expect some sincerity from the State Bank of India, said CJI DY Chandrachud.
No extension
- The five-judge Constitution bench, headed by CJI Chandrachud, rejected the SBI’s plea for an extension till June 30 to provide the details, stating that the information was readily available.
- It directed the SBI to disclose the details by March 12 and the EC to publish them by March 15.
- The bench, including Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra, warned the SBI of possible contempt action for “willful disobedience” if it does not comply.
Deadline for EC
- The court instructed the Election Commission to publish the information provided by the SBI on its official website no later than March 15, further emphasizing the urgency of transparency in the electoral process.
The assembly challenge of SBI
- During the hearing, senior advocate Harish Salve, representing the SBI, stated that the bank had stopped issuing electoral bonds as per the court’s directive on February 15 but had asked for more time, citing the complexity of collating information from different silos.
- The apex court clarified that the necessary information was easily accessible to the bank, stored in separate silos, and expressly stated that there was no requirement for matching details of donor and recipient, urging the SBI to come up with direct and transparent disclosure.
A famous ruling
- The landmark February 15 ruling declared the electoral bond scheme “unconstitutional” and required disclosure of donor details, donation amounts and recipients by March 13.
- The SBI, as the authorized financial institution, has been instructed to submit option bond details purchased from April 12, 2019, by March 6.