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Supreme Court Rejects SBI's Plea, Orders Disclosure of Electoral Bonds Details

Kalyani Jha
11 Mar, 2024

In a significant development, the Supreme Court of India has turned down the State Bank of India's (SBI) request for an extension of time to disclose details of the Electoral Bonds Scheme. The top court has directed the SBI to share these details with the Election Commission of India (ECI) by Tuesday, March 12, and the ECI is mandated to publish the information on its website by 5 pm on Friday, March 15.

Here are the key highlights of the verdict:

1. SBI Deadline:The Supreme Court, after scrapping the Electoral Bonds Scheme, had initially directed the SBI to submit all relevant details to the ECI by March 6. However, the SBI sought an extension until June 30, citing the need for more time to compile the information. The five-judge Constitution bench, led by Chief Justice of India DY Chandrachud, rejected this plea and ordered the SBI to disclose the details by the close of business hours on March 12.

2. ECI Publication:Once the SBI provides the details, the Election Commission of India is tasked with publishing them on its website by March 15. This timeline holds significance as the Election Commission is expected to announce the schedule for the upcoming Lok Sabha polls in April-May 2024.

3. Contempt Warning:The Supreme Court also cautioned the SBI that it would initiate contempt proceedings if the information is not furnished by the specified deadline. The SBI has been instructed to file an affidavit from its Chairman and Managing Director to ensure compliance with the court's directions.

4. Rejection of Two Silo Argument:The SBI had argued that deciphering a large number of data sets would be time-consuming, given the complexity of the task. However, the Supreme Court dismissed this argument, emphasizing the importance of timely disclosure.

5. Donor-Political Party Link: While the Supreme Court agreed to the SBI's request not to establish a direct link between the donors of electoral bonds and the political parties, it mandated the disclosure of details without 'matching' them. This means that while the details of both donors and bonds encashed by political parties will be provided, the direct link between them will not be established.

The Supreme Court's verdict underscores the importance of transparency and accountability in electoral financing, setting a precedent for future disclosures in line with democratic principles and electoral integrity.