The Supreme Court of India reviewed the State Bank of India's request for an extension of the deadline to disclose details of electoral bonds encashed by political parties since April 12, 2019. The bench includes Chief Justice of India DY Chandrachud and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra.
In a pivotal turn of events, the Supreme Court has dismissed the State Bank of India's plea for an extension and mandated the disclosure of electoral bond details by business hours on March 12. The Election Commission is directed to make this information publicly available on its official website no later than 5 PM on March 15, 2024. This decision marks a critical chapter in the ongoing legal saga surrounding the electoral bond process, emphasising the court's commitment to transparency in political funding.
for more details, read: SBI Chairman Could Face Contempt Petition Over Delay In Electoral Bonds Disclosure
Live Updates:
- Dates to Remember: SBI will share details of electoral bonds on March 12 with the Election Commission. The Election Commission is instructed to publish the details on its official website by March 15, 2024, by 5 p.m.
- The Supreme Court directs the Election Commission to compile and publish the details of electoral bonds on its official website by March 15, 2024.
- The Supreme Court warns SBI Chairman Dinesh Kumar Khara of contempt of court proceedings if the order is not complied with within the specified timeline.
- SC instructs SBI to provide two sets of details: 1. Name of the purchaser and denomination of electoral bonds. 2. Details of bonds redeemed by political parties. The court clarifies that these sets need not be matched, and SBI is not required to connect purchasers to political parties.
- Odisha Minister Ranendra Pratap Swain calls the electoral bond scheme the "biggest scam in the country's electoral history."
- Supreme Court rejects SBI's application for an extension, gives time until business hours on March 12 to disclose details. Election Commission to publish the information by 5 PM on March 15.
- SC mentions that details of bonds are readily available, citing SBI's own submissions.
- Supreme Court notes that SBI is mandated to disclose information when required by a court, as per the provisions of the electoral bonds scheme.
-Harish Salve, representing SBI, said that details can be given to the Election Commission within 3 weeks if there is no requirement to link the purchaser details with the parties.
-Harish Salve told the Supreme Court, “We don’t have a problem collating details of bonds purchased and encashed by the political parties, but connecting respective bonds to political parties may need time."
-SBI seeks at least three weeks' time to provide separate details of bonds purchased and redeemed by the political parties, even without the exercise of matching bonds with political parties.
-Harish Salve (representing SBI) told the SC, "Please give us a little time; we will do it."
-Harish Salve (representing SBI) said, "The problem is that I can't make a mistake in a hurry to give numbers.". Justice Khanna replied, "You have the KYC. You are the number one bank in the country. We expect you to handle it."
-CJI Chandrachud questions the delay in revealing the details of each electoral bond encashed by political parties.
“Our judgement is dated February 15. We are on March 11. In the past 26 days, what steps have you taken? Nothing is stated. It should have been disclosed. We expect some candour from the State Bank of India," CJI Chandrachud said.
-Harish Salve told the SC bench, “I have full details of who purchased the bond. That is in one silo. I have another set of information that the political party encashed; that is not a problem.".
-Justice Khanna told Salve (representing SBI),
“You say all purchaser details are kept in a sealed cover. You just need to open the sealed cover and give the details.".
-CJI Chandrachud told Harish Salve that they only directed SBI to a 'plain disclosure'.
"So to seek time saying that a matching exercise is to be done is not warranted; we have not directed you to do that," CJI added.
-Advocate Harish Salve says SBI needs more time to reveal the details of each electoral bond. He mentioned that they are trying to reverse the whole process and that the SOP ensured no name of the purchaser was in their core banking system or the bond number.
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