“Supreme Court Rejects SBI Plea on Electoral Bonds Deadline”

The Supreme Court has decisively rejected the State Bank of India’s (SBI) request for an extension to submit detailed data on electoral bonds, mandating the submission by the upcoming day, March 12th. This decision comes as a significant setback to SBI, emphasizing the urgency of transparency in the electoral bond scheme.

Previously, on February 15th, the Supreme Court declared the electoral bond scheme unconstitutional, instructing SBI to provide comprehensive details of all electoral bond transactions dating back to April 12, 2019. This information was to be delivered to the Election Commission (EC) by March 6th and made publicly available on the EC’s website by March 13th.

Close to the deadline, SBI sought additional time, proposing to extend the deadline to June 30th through a miscellaneous application to the Supreme Court. However, upon review, the Court noted that the information required appears to be readily accessible and consequently dismissed SBI’s request for an extension. SBI is now instructed to disclose the required details by the end of the working day on March 12, 2024.

Further, the Supreme Court has directed the EC to organize the received data and ensure its publication by March 15, 2024. Additionally, SBI is ordered to submit an affidavit from its chairman and managing director, confirming compliance with the Court’s directives.

The Court has sternly warned SBI against any defiance of its orders, hinting at potential legal consequences for “wilful disobedience of court.”

Chief Justice DY Chandrachud highlighted that according to the frequently asked questions (FAQs) on electoral bonds, purchasers are required to submit KYC documents with each purchase, ensuring that the data regarding bond purchases and redemptions by political parties is already available. This contradicts the claims of complexity and time consumption put forward by SBI, as argued by senior advocate Harish Salve on behalf of SBI, who pointed out the meticulous effort needed to collate and verify the names associated with each bond.

This ruling underscores the Supreme Court’s commitment to transparency and accountability in political financing, particularly through electoral bonds, dismissing SBI’s plea for more time and emphasizing the importance of adherence to judicial directives.