Electoral Bonds: Supreme Court Raps SBI, Asks To Disclose Details by March 12

The Supreme Court reprimanded the State Bank of India (SBI) for non-compliance with its directive. The bank failed to disclose the details of electoral bond donors to the Election Commission of India (EC) by the stipulated deadline of March 6. The court has now directed the SBI to furnish the required details by the end of business hours on March 12, 2024.

The SBI has to just open sealed cover, collate details and give information to the Election Commission, said the Supreme Court. During the hearing of a petition by the lender, the Supreme Court made pointed remarks regarding the State Bank of India's actions. The petition sought an extension of the deadline to provide details of all electoral bond purchases made since April 12, 2019, to the Election Commission of India (EC). A five-judge bench presided over the proceedings.

Our judgment is dated February 15. We are on March 11. In past 26 days, what steps you have taken? Nothing is stated. It should have been disclosed. In the last 26 days, what steps have you taken? Your application is silent on that. We expect some candour from the State Bank of India, CJI Chandrachud said.

It's a serious matter when you come up with extension like this. Our judgement was crystal clear, said Justice Sanjiv Khanna. During a recent court session, the Supreme Court considered an application submitted by the SBI, requesting an extension until June 30 to reveal specifics regarding every electoral bond encashed by political parties prior to the scheme's cessation last month.