Apex Court dismisses plea of SBI in Electoral Bonds matter

The Supreme Court of India dismissed the State Bank of India’s (SBI) application for an extension of time to disclose facts about electoral bonds. The Supreme Court has ordered the bank to reveal the facts by the end of work hours on March 12.

The Supreme Court has also directed the Election Commission of India to post information regarding electoral bonds on its website by March 15.

“Submissions of SBI in the application indicate that info sought is readily available. thus the application by SBI seeking an extension of time until June 30 is dismissed. SBI is directed to disclose the details by the close of business hours on March 12, 2024,” according to the order issued by the high court.

The Supreme Court has also warned to launch contempt proceedings against the government-run SBI if it does not comply with its instructions and furnish the requested information by tomorrow, March 12.

“The SBI shall file an affidavit from its Chairman and Managing Director confirming compliance with the orders stated above. While we are not inclined to exercise contempt jurisdiction at this time, we put SBI on notice that if it does not comply with the directives by the deadlines specified in this judgment, this Court may proceed against it for deliberate disobedience,” the court added, according to reports.

The SBI had asked the court for an extension, allowing it to divulge the information by June 30. The case was heard by a five-judge Constitution bench led by Chief Justice of India DY Chandrachud.

On February 15, in a landmark decision, a five-judge constitution bench declared the Centre’s electoral bonds scheme, which allowed anonymous political funding, “unconstitutional” and ordered the Election Commission to disclose the donors, the amount donated, and the recipients by March 13.

The top court then directed the SBI, the scheme’s authorized financial institution, to submit the details of the electoral bonds purchased from April 12, 2019 to date to the Election Commission by March 6, with the information to be published on its official website by March 13.

The SBI stated that retrieving information from “each silo” and correlating information from one silo to that of another would be time-consuming.