SC Rejects SBI's Plea for Electoral Bond Disclosure Extension

11 Mar 2024 , 01:20 PM

The Supreme Court, on March 11, rejected SBI’s plea for an extension until June 30, 2024, to disclose electoral bond details, including encashment dates and denominations by political parties.

A five-judge bench, led by CJI DY Chandrachud, ordered SBI to make a “plain disclosure” by close of business on March 12, warning of contempt action if not complied with.

The Election Commission is directed to publish the shared information by SBI by 5 PM on March 15. The bank’s chairman must file an affidavit post-disclosure, with a warning of contempt if the order is not adhered to.

The court expressed dissatisfaction with SBI’s plea, noting a lack of disclosure on actions taken since the February 11 order.

SBI claimed practical difficulties in decoding due to stringent measures for donor anonymity, citing a complex process for matching donors to donations.

Details of electoral bond purchases are not centrally maintained, stored in two different silos to protect donor anonymity, according to SBI.

Retrieving and matching information from these silos is deemed a time-consuming exercise by the bank.

Donor details are stored in sealed covers at the main branch in Mumbai, as per SBI’s explanation to the court.

ADR and CPI (M) filed contempt petitions against SBI for non-compliance with the court’s order in the electoral bonds case.

In February 2024, the Supreme Court annulled the electoral bonds scheme, declaring it a violation of constitutional rights, directing SBI to submit details to the EC by March 6, with the EC to publish the beneficiary list by March 13.

Electoral bonds were introduced in 2017-18 as a financial instrument for political party donations.

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