Furnish electoral bonds’ details to Election Commission by March 12, Supreme Court orders SBI

Tribune News Service

Satya Prakash

New Delhi, March 11

Dismissing the State Bank of India's plea seeking time till June 30 to disclose details of Electoral Bonds, the Supreme Court on Monday ordered it to submit the details to the Election Commission by the close of the business hours on Tuesday.

A five-judge Constitution Bench led by CJI DY Chandrachud directed the Election Commission to put the information received from the SBI on its website by 5 pm on March 15.

The Constitution Bench, which also included Justices Sanjiv Khanna, Justice BR Gavai, Justice JB Pardiwala and Justice Manoj Misra, had on February 15 declared unconstitutional the electoral bonds scheme.

"Submissions of SBI in application indicate that info sought is readily available. Thus the application by the SBI seeking extension of time until June 30 is dismissed. The SBI is directed to disclose the details by the close of business hours of March 12, 2024," the Bench ordered.

For every purchase of electoral bonds, there was compliance with ‘Know Your Customer (KYC)’ process due to which the bank would already be in possession of the details of electoral bonds' purchasers, the Bench pointed out.

Rebuking the SBI for dilly-dallying in complying with its directions, the top court warned the bank of contempt of court action for "wilful disobedience" if it failed to comply with its directions within the deadline set by it.

"Though we are not exercising the contempt jurisdiction, but we put SBI on notice that this court will proceed against it for wilful disobedience of court if it does not adhere to the directions issued by the court," the Bench said, directing the SBI Chairman and Managing Director to file a compliance affidavit.

CJI Chandrachud told senior counsel Harish Salve, who represented the SBI; that in its judgment the top court had simply asked the bank to do a "plain disclosure".

During the hearing, the Bench asked the SBI to explain the steps taken so far to ensure disclosure of details of electoral bonds encashed by political parties.

Salve said the SBI would need some more time to furnish details since they were initially told that the process was secret before the court struck down the electoral bonds scheme. "We are trying to collate the info and we have to reverse the entire process. We as a bank were told that this is supposed to be a secret," he said.

"Mr Salve, our judgment is dated February 15, 2024. We are now on the 11th of March. In the last 26 days, what extent of matching has been done by you? What steps have you taken in the last 26 days? The application is absolutely silent on that…There is a degree of candour expected from the SBI as to this is the work which was expected...," said the CJI who was apparently not convinced.

"It is a serious matter when you ask for modification of an order of the constitution bench," the CJI said.

As Salve said the bank can’t make a mistake for it may get sued by the donor, Justice Gavai said, "Whatever you (SBI) are doing, you are doing under the directions of the highest court of the country. Where is the question of you being sued?"

In a landmark verdict, the Constitution Bench had on February 15 declared unconstitutional the electoral bonds scheme that allowed individuals and companies to make unlimited anonymous donations to political parties on the ground that it violated Article 19(1)(a) of the Constitution which guaranteed right to freedom of speech and expression and included right to information within its ambit.

Citing “certain practical difficulties”, the SBI had on March 4 moved the Supreme Court seeking an extension of time till June 30 to disclose details of each electoral bond issued and encashed.

Acting on a PIL filed by ADR, the top court had ordered the SBI to stop issuing Electoral Bonds immediately and submit all details by March 6 to the Election Commission which shall make all donations public by March 13.  All Electoral Bonds within the 15-day validity period shall be returned by political parties to the purchasers, it had said.

The ADR and CPI(M) had moved contempt petitions against the SBI for failing to comply with the top court's order to disclose electoral bonds' details by March 6.

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