SBI’s Electoral Bond Disclosure Request Denied by Supreme Court

Today, the Constitution Bench of the Supreme Court dismissed the State Bank of India’s (SBI) request for an extension of time to disclose details of Electoral Bonds in line with the earlier judgment of the Constitution Bench.

The Bench, led by Chief Justice DY Chandrachud and comprising Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra, ruled that the SBI had acknowledged having donor and redemption details, though stored separately. The Court emphasized that purchaser KYC information was available with each Bond purchase, making Bond details readily accessible. It noted that Electoral Bond information was stored in 29 branches, easily retrievable.

As a result, the Court rejected SBI’s plea for more time and directed disclosure by March 12, with the Election Commission of India (ECI) to publish the information by March 15. The Court warned of contempt proceedings if these directives were not followed.

The Court recalled its earlier order, outlining the information SBI was required to submit to the ECI by March 6. It highlighted that contempt petitions had been filed by petitioners, including the CPI(M).

SBI’s counsel, Senior Advocate Harish Salve, sought more time, citing difficulties in collating data due to bank procedures. Justices pointed out that the Court had not directed such correlation between purchaser and political party.

The Court scrutinized ECI’s sealed cover submissions and directed its opening. Salve suggested providing immediate information while deferring more time-consuming tasks.

The SBI had sought a four-month extension, which was contested by Contempt Petitions filed by ADR, Common Cause, and CPI(M).

The Constitutional Bench had earlier ruled against unlimited corporate contributions, deeming them unconstitutional and arbitrary. The Electoral Bonds scheme, introduced in 2018, aimed to replace cash donations, allowing citizens or Indian entities to purchase bonds.