SC Gives SBI One Day To Disclose Electoral Bond Details | Top Points

The Supreme Court on Monday dismissed the State Bank of India’s plea seeking an extension of time and directed the bank to furnish the details of electoral bonds to the Election Commission (EC) by close of business hours tomorrow. A five-judge Constitution bench headed by Chief Justice D Y Chandrachud also directed the EC to publish the details shared by the bank on its official website by 5 pm on March 15.

During the hearing, the bench, also comprising Justices Sanjiv Khanna, B R Gavai, J B Pardiwala, and Manoj Misra, directed the SBI Chairman and Managing Director to file an affidavit after complying with its orders.

Highlights From SC Hearing

• Junking the SBI’s plea, the Bench said, “Though we are not exercising the contempt jurisdiction, but we place SBI put 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,” as quoted by the Bar and Bench.
• The top court gave a day’s time to SBI to furnish data regarding donors of Electoral Bonds and contributions to political parties via these bonds. It also warned the bank’s Chairman and Managing Director to comply with the timeline else contempt would follow.
• The bench took note of the submissions of senior advocate Harish Salve, appearing for the SBI, that more time was needed for collating the details and matching them as the information were kept in two different silos with its branches. Salve noted if the matching exercise is to be done away with, the SBI can complete the exercise within three weeks.
• The bench said it had not directed the SBI to match the details of donors and donee with other information. “The SBI has to just open the sealed cover, collate the details and give the information to the Election Commission,” the apex court said.
• It also asked the bank about the steps taken by it to comply with the directions given by the apex court in its February 15 judgment. “In the last 26 days, what steps have you taken? Your application is silent on that,” the bench said.It asked the SBI to do a “plain disclosure” as per the court’s judgment.
• The court further directed the election commission to publish the Electoral Bond data on its website by 5 pm on March 15.

Electoral Bond Case and SBI’s Plea

In a landmark verdict delivered on February 15, a five-judge Constitution bench scrapped the Centre’s electoral bonds scheme that allowed anonymous political funding, calling it “unconstitutional” and ordered disclosure by the Election Commission of donors, the amount donated by them and the recipients by March 13.

The SBI had sought an extension till June 30 to disclose the details of each electoral bond encashed by political parties before the scheme was scrapped. A separate plea, seeking initiation of contempt action against the SBI, was also heard by the bench.

Important Points From Feb 13 Order

In its February 13 order, the top court said political parties are relevant units in the electoral process and the information about funding of political parties is essential for electoral choices.

The court observed that the electoral bonds scheme is not the only scheme to curb black money and there are other alternatives for that.

“Infringement to the right to information is not justified by the purpose of curbing black money…Non-disclosure of voluntary political contributions is violative of Article 19(1)(a) of the Indian Constitution,” it said.

In a democracy, the right to information includes the right to know the source of political funding, the court said, adding that unlimited political funding by corporations is violative of the fundamental right to free and fair elections.