Supreme Court Orders State Bank of India to Disclose Electoral Bond Details by March 12
Decision comes amid ongoing scrutiny of electoral bonds scheme, court cautions against non-compliance, directs Election Commission to publish information.
In a significant development regarding the electoral bonds case, the Supreme Court on Monday dismissed an application by the State Bank of India (SBI) for an extension of time to furnish electoral bond details. The court concluded that the necessary information is readily available with the bank and directed it to disclose the details by the close of business hours on March 12, 2024.
Less than a month ago, a constitution bench of the Supreme Court declared the electoral bonds scheme unconstitutional. As part of this judgment, the court instructed the SBI to submit details of electoral bonds purchased since April 12, 2019, to the Election Commission of India by March 6. However, days before the deadline, the bank sought an extension until June 30, citing the complexity of decoding and compiling data from the sale of these bonds.
During the hearing, Senior Advocate Harish Salve, representing the SBI, highlighted the challenge faced by the bank in reconciling donor details and redemption details, which were stored separately. He argued that more time was needed to comply with the court’s order.
However, Chief Justice DY Chandrachud pointed out that the court’s directions only required the bank to disclose the information, not conduct a matching exercise. The court emphasized that the SBI had all the necessary details, as evidenced by its Know-Your-Customer (KYC) records.
Acknowledging that the bank had the purchaser details, Salve explained the difficulty in matching them with the bond numbers, compounded by some information being kept physically rather than digitally.
In response, the court suggested a straightforward solution: for the bank to open the sealed cover containing the purchasing details, collate the names, and furnish the information.
Chief Justice Chandrachud also questioned the SBI over its non-disclosure of the progress made so far, expecting candor from the bank. The court ultimately dismissed the plea for an extension, stating that the information was readily available and directing the SBI to disclose the details by March 12.
Additionally, the court cautioned the bank that it would initiate contempt proceedings if it failed to comply with the latest directions. It also instructed the Election Commission of India to publish the details of the information supplied to the court on its website.
This development comes in the wake of a Supreme Court constitution bench striking down the electoral bonds scheme as unconstitutional on February 15. The court’s unanimous decision held that anonymous electoral bonds violate the right to information under Article 19(1)(a) of the Constitution. The bench directed the SBI to stop issuing electoral bonds and submit purchase details to the Election Commission.
