SC Rejects SBI Plea For More Time, Orders Electoral Bond Disclosure By Tomorrow

Rejecting the State Bank of India’s (SBI) plea for an extension to disclose details of the electoral bonds scheme, the Supreme Court mandated that the bank must share all information with the Election Commission of India (ECI) by tomorrow. In a stern warning, the court conveyed its readiness to initiate contempt proceedings against the government-run bank if it fails to comply with the directive by the specified deadline. The court also directed the bank to file an affidavit after compliance.

The court then ordered the poll body to promptly publish these details on its website by 5 pm on Friday.

During the hearing, the Supreme Court posed pointed queries to SBI, questioning the delay of 26 days in furnishing the information on donors and recipients of these bonds. SBI had sought an extension until June 30, a request rebuffed by the court.

In a historic ruling on February 15, the court deemed the electoral bonds scheme unconstitutional, citing violations of citizens’ right to information, and instructed the Election Commission to ensure public disclosure of donation details by March 13.

Opposing SBI’s plea, the Association for Democratic Reforms (ADR), one of the petitioners contesting the electoral bonds scheme, asserted that the last-minute application was a strategic move ahead of the forthcoming Lok Sabha polls. The ADR had sought contempt action against the SBI for “willfully and deliberately” disobeying the court’s order.

Representing the SBI, senior advocate Harish Salve explained the bank’s procedural challenges in complying with the electoral bonds disclosure order, citing the need to reverse an established process stored outside the core banking system.

“We need a little more time to comply with the order. We are trying to collate the info and we are having to reverse the entire process. We as a bank were told that this is supposed to be a secret,” Salve said, per reports.

Chief Justice of India DY Chandrachud, leading the five-judge Constitution bench, acknowledged that donor details were kept sealed in a Mumbai branch, urging swift disclosure.

When told by Justice Sanjiv Khanna that the bank needs to just open the sealed cover, collate the details and give the information, Salve clarified the extent of available information, including purchaser names, stressing the need for crosschecking. “I have full details on who purchased the bond and I have full details from where the money came from and which political party tendered how much. I have to also now put the name of purchasers. The names have to be collated, crosschecked with the bond numbers,” he said.

In response to SBI’s request for additional time, the Chief Justice clarified that the court had not mandated a matching exercise. Expressing dissatisfaction with SBI’s progress since the verdict, he sought an explanation regarding the bank’s efforts over the past 26 days.

“Please tell what matching you have done in the last 26 days. There is a degree of candour expected from SBI as to this is the work which was expected and this has been done,” the CJI said.

The Chief Justice also raised concerns about an SBI senior official’s affidavit seeking modifications to the judgment, saying, “This is a serious issue.”