SC Dismisses SBI Plea on Electoral Bonds, Directs To Disclose Details By Tomorrow

New Delhi: The Supreme Court on Monday dismissed the plea filed by State Bank of India (SBI) seeking more time to disclose the electoral bond donor details to the Election Commission of India (EC).   

Pulling up the bank over delay, the apex court directed the SBI to disclose the details by the close of business hours on March 12, 2024. 

The court further asked the ECI to compile the information and publish the details in its official website ‘no later than by 15 March, 2024 by 5 PM.’

Reacting to the verdict, petitioner Jaya Thakur said, "Supreme Court understood the seriousness of the matter and issued strict order for the bank (SBI) to submit all documents by tomorrow. I think this is a great decision, I welcome it."

The apex court noted that the difficulty of SBI arose since it construed the direction of this Court as to do a matching exercise of the donor details and the details of the bonds encashed by the political parties.

A five-judge Constitution bench headed by CJI Chandrachud heard the bank's plea seeking deadline extension to June 30. The bench also included Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra.

Appearing for the petitioner, Senior Advocate Harish Salve said, “The only problem which we have is, we are trying to reverse the whole process. The SOP made sure that there was no name of the purchaser in our core banking system and the bond number. We were told that this was supposed to be secret.” 

Seeking extension of deadline, Salve added that the bank has full details of who purchased the electoral bond. “I have another set of information of which political party encashed, that is not a problem.”  

SC Pulls Up SBI For Delay In Sharing Details

In response to the petitioner (SBI), CJI Chandrachud said, “Our judgment is dated 15 Feb. We are on 11 March. In past 26 days, what steps you have taken? Nothing is stated. It should have been disclosed. That this is the work which have done, we need time to more. We expect some candour from the State Bank of India.” 

The CJI further pulled up the bank for submitting a ‘Miscellaneous Application’ before the Court just two days before the expiry of deadline seeking extension of time till June 30, 2024 for complying with the directions.

Besides SBI pleạ, the five-judge Constitution bench headed by Chief Justice DY Chandrachud also considered a separate plea seeking contempt action against SBI for allegedly “wilfully and deliberately" disobeying the SC’s deadline for submission of details.  

CJI Reiterates SC Order on Electoral Bonds Case

Dictating the SC verdict on the Electoral Bonds case, the CJI said, "In order to give the full effect to the judgment, this Court directed the SBI, which was the authorised bank to deal with the electoral bonds, to submit the details of the electoral bonds purchased by the contributors and redeemed by political parties between April 12, 2019 till 15 Feb 2024.

SC Strikes Down Electoral Bonds 

In a major ruling, a five-judge Constitution bench of the Supreme Court on February 15 delivered a unanimous verdict on a batch of pleas challenging the legal validity of the Central government’s Electoral Bond scheme which allows for anonymous funding to political parties.

The apex court noted that electoral bonds are violative of the right to information (RTI) and Article 19(1)(a) and held that such a scheme has to be struck down for being ‘unconstitutional.' 

Pronouncing the judgment, the Constitution bench comprising Chief Justice DY Chandrachud, Justices Sanjeev Khanna, BR Gavai, JB Pardiwala, and Manoj Mishra, pronounced that political parties are relevant units in the electoral process and information about the funding of political parties is essential for electoral choices.