In a decisive move, the Supreme Court has rejected the State Bank of India’s (SBI) plea for an extension to disclose details of the electoral bonds scheme, which was scrapped by a landmark verdict on February 15. The court has mandated that the SBI must share these details with the Election Commission of India (ECI) by tomorrow, with the expectation that the information will be made public on the ECI’s website by 5 pm on Friday.
The court has issued a warning, indicating that contempt proceedings could be initiated against the government-run bank if it fails to provide the required information by the specified deadline. The SBI had sought an extension until June 30 to disclose the details, a request that was met with skepticism from the Supreme Court.
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During the hearing, tough questions were posed to the SBI. The Chief Justice of India DY Chandrachud expressing concern over the bank’s apparent lack of progress in the 26 days. Since the verdict. Senior Advocate Harish Salve, representing the SBI, explained that the bank had followed a standard operating procedure (SOP). To store information about the electoral bonds scheme outside the core banking system, and requested additional time to comply with the court’s order.
Court dismissed the SBI application
However, the court dismissed the SBI’s application, emphasizing the need for transparency and timely disclosure of donor details. The Chief Justice highlighted that the information should be readily available. Urging the bank to open the sealed cover, collate the details, and provide the necessary information to the Election Commission.
Advocate Prashant Bhushan, representing the Association for Democratic Reforms (ADR). Welcomed the court’s decision, stating that the data required by the court was already available with the bank. The court directed the SBI chairman to file an affidavit confirming compliance with the order. While not immediately pursuing contempt actions, the court left the option open if the SBI fails to meet the deadline.
The Supreme Court’s judgment on February 15 had declared the electoral bonds scheme unconstitutional. The recent developments reinforce the court’s commitment to transparency in electoral financing.
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