SC dismisses SBI's extension plea, orders disclosure of Electoral Bonds details by tomorrow

The Supreme Court on Monday came down heavily on the State Bank of India (SBI) for not complying with its previous order to disclose the details of donors of electoral bonds to the Election Commission of India (ECI) by March 6.

During the hearing, Senior Advocate Harish Salve representing SBI sought three more weeks to disclose the details to the poll body.

The apex court said the bank just needs to open the sealed cover that has all the information related to the bonds.

“I have full details of who purchased the bond. That is in one silo. I have another set of information of which political party encashed, that is not a problem. ,” Salve replied.

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In a landmark verdict delivered on February 15, a five-judge Constitution bench scrapped the Centre’s electoral bonds scheme that allowed anonymous political funding, calling it “unconstitutional” and ordered disclosure by the Election Commission of donors, the amount donated by them and the recipients by March 13.

“In the last 26 days, what steps have you taken? Your application is silent on that,” the bench, also comprising justices Sanjiv Khanna, B R Gavai, J B Pardiwala, and Manoj Misra, said.

Chief Justice of India DY Chandrachud, who is heading the bench, noted that 26 days have passed since the court passed its last judgment on the case and yet SBI has failed to show any of the work it has done, adding that the bench “expects some candour from the State Bank of India.”

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The judgement

Dismissing SBI’s plea for additional time, the Supreme Court has directed the bank to disclose the details of electoral bonds by March 12 following which the ECI would compile the information and publish the details on its official website by March 15.

“The SBI shall file an affidavit of its Chairman and Managing Director on compliance with the directions issued above. While we are not inclined to exercise the contempt jurisdiction at this time, we place SBI on notice that this Court may be inclined to proceed against it for wilful disobedience if SBI does not comply with the directions by the timelines indicated in this order,” the SC bench said.

The court also noted that FAQs published by SBI on electoral bonds state KYC documents must be submitted by the purchaser each time the bond is purchased irrespective of whether the purchaser has a KYC verified SBI account.

The bank’s plea for an extension was challenged by the Association for Democratic Reforms (ADR), which is among the petitioners who had first challenged the electoral bonds scheme.