Electoral Bond Timeline: Supreme Court Raps SBI, Demands Answers for 26-Day Delay

During the proceedings, a five-judge Constitution bench led by Chief Justice of India DY Chandrachud expressed dissatisfaction with SBI's actions

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Special Correspondent
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In a stern rebuke to the State Bank of India (SBI), the Supreme Court on Monday criticized the bank for its failure to comply with the court’s order to disclose electoral bond donor details to the Election Commission of India (EC) by March 6. Rejecting SBI’s plea for an extension until June 30, the apex court set a deadline of the close of business hours on March 12 for the bank to furnish the requisite information. Additionally, the court mandated that the EC must publish this information on its official website by 5pm on March 15.

During the proceedings, a five-judge Constitution bench led by Chief Justice of India DY Chandrachud expressed dissatisfaction with SBI’s actions, questioning the lack of progress made in the past 26 days. The bench reiterated its earlier directive for SBI to provide a “plain disclosure” of the electoral bond details, emphasizing the simplicity of the task at hand.

SBI had sought the extension to disclose details of electoral bonds encashed by political parties before the scheme was discontinued. However, the court dismissed this request, highlighting the urgency of transparency in electoral funding.

The electoral bonds case has seen several developments in recent weeks. On February 15, a five-judge constitution bench invalidated the electoral bonds scheme, deeming it unconstitutional. The court mandated the disclosure of donor information, donation amounts, and recipients by March 13. Subsequently, SBI was directed to furnish details of electoral bonds purchased from April 12, 2019, onward to the ECI by March 6, with the ECI tasked with publishing this information on its official website by March 13.

The SBI’s plea for an extension drew criticism from NGOs Association for Democratic Reforms and Common Cause, who filed a separate petition urging the court to initiate contempt proceedings against the bank. They argued that the timing of SBI’s application was deliberate, aiming to withhold crucial information from the public before the upcoming Lok Sabha elections.

The contempt petition emphasized the importance of transparency in the electoral process, asserting that voters have a right to access information to make informed decisions. It underscored the necessity of upholding democratic principles and ensuring accountability in political financing, as enshrined in the Constitution.

As the electoral bonds saga unfolds in the hallowed halls of the Supreme Court, the nation awaits the outcome of this pivotal legal battle, with implications for the future of electoral transparency and democratic governance.

Also Read: Supreme Court Orders SBI: Provide Electoral Bonds Details by Tomorrow

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