Electoral bonds case: SC comes down heavily on SBI, says it should not be selective in disclosing details

The Supreme Court strongly rebuked the State Bank of India in the electoral bonds case on Monday, March 18, insisting that complete transparency must prevail. Criticising any selective disclosure, the Court reiterated its prior directive for the SBI to furnish all available details.

On March 15, SC issued a notice to the SBI regarding its failure to provide the unique alphanumeric numbers linked with the electoral bonds to the Election Commission. Chief Justice of India DY Chandrachud emphasised the need for closure on the matter, asserting that the SBI must disclose all relevant information without ambiguity or omission. The Court emphasised that the responsibility to ensure transparency should not rest on the judiciary alone.

Expressing disappointment at the apparent lack of forthcomingness from the SBI, the Chief Justice remarked on the expectation of candour from such a prominent institution. Senior advocate Harish Salve, representing the SBI, assured the Court that if required, the bond numbers would be provided, acknowledging the scrutiny faced by public institutions like the SBI.

The five-judge Bench reiterated its unequivocal directive for the disclosure of all bond details, including serial numbers, to the EC. This directive was further clarified, emphasizing the need for the immediate publication of these details by the poll panel. The Court mandated SBI chairman Dinesh Khara to file an affidavit confirming the absence of any withheld bond details by March 21.

Furthermore, the Court stipulated that the disclosed details should encompass various aspects such as the date, donor's name, denomination, and details of the recipient parties. A plea seeking bond details predating April 2019 was rejected by the Court, which had previously placed all stakeholders, including potential donors, on notice through interim orders.

In compliance with the Supreme Court's directive, the SBI shared the data with the Election Commission on March 12. Subsequently, the EC published the details on its website, dividing them into sections listing the buyers and the beneficiary parties, ahead of the court-imposed deadline.

The SBI, in an affidavit submitted to the Supreme Court, disclosed that between April 1, 2019, and February 15 this year, a total of 22,217 electoral bonds of various denominations were purchased by donors. Out of which 22,030 were redeemed by political parties.