Electoral Bonds Case: Supreme Court dismisses SBI plea, asks it to disclose data by tomorrow

The Supreme Court on Monday, March 11, dismissed the plea filed by the State Bank of India (SBI) seeking an extension till June 30 for disclosure of the data on electoral bonds.

The five-judge bench headed by Chief Justice of India DY Chandrachud directed the  SBI to disclose details by the end of business hours on March 12, Tuesday. The Election Commission of India (ECI) shall publish the information on its website by 5 pm on March 15.

The top court also issued a warning to the bank asking it to comply with the prescribed timelines. "The SBI shall file an affidavit signed by the MD for compliance. While the court is not inclined to exercise contempt jurisdiction at this stage, we place the SBI on notice that the Supreme Court may be inclined to act as per contempt, if it does not comply with the court's directions by the prescribed timelines," Bench said.

The top court observed that the SBI filed a plea for the extension just two days before the deadline. It remarked that the bank did not indicate the extent of work done till today. "In the last 26 days, what progress has been made on matching the information. The SBI should have disclosed the extent of progress made with the data," the CJI observed.

The Supreme Court was hearing the application filed by the SBI seeking an extension till June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped in February.

During the argument, the SBI said that it could disclose the information related to donations received by political parties, KYC details, amount of bonds in two-three weeks. "The Supreme Court has directed for disclosure of KYC details, amount of bond, this information we have and we can disclose in two-three weeks.  The court has also directed for disclosure of donations received by political parties. If a bridge does not need to be established between the two, we can disclose info in three weeks," senior advocate Harish Salve, who is appearing for the SBI, said.

On February 15, a five-judge constitution bench headed by the CJI had struck down the electoral bonds scheme and directed the SBI to disclose details of each electoral bond encashed by the political parties. The information should include the date of encashment and the denomination of the bonds and be submitted to the poll panel by March 6.

The SBI had on March 4 moved the court seeking an extension of time till June 30 to disclose details of each electoral bond encashed by the political parties.

Sept 14, 2017: NGO 'Association for Democratic Reforms', lead petitioner, moves SC challenging the scheme.

Oct 03, 2017: SC issues notices to Centre and EC on PIL filed by the NGO.

Jan 2, 2018: Central government notifies the electoral bond scheme.

Nov 7, 2022: The electoral bond scheme was amended to increase the sale days from 70 to 85 in a year when any assembly election may be scheduled.

Oct 16, 2023: SC bench headed by CJI DY Chandrachud refers pleas against the scheme to a five-judge Constitution bench.

Oct 31, 2023: Five-judge Constitution bench headed by CJI DY Chandrachud commences hearing on pleas against the scheme.

Nov 2, 2023: SC reserves verdict.

Feb 15, 2024: SC delivers unanimous judgement annulling the scheme, saying it violates the constitutional right to freedom of speech and expression as well as the right to information.

Mar 4, 2024: State Bank of India moves SC, seeking an extension of time till June 30 to disclose details of each electoral bond encashed by political parties.

Mar 7, 2024: Plea filed in SC seeking contempt action against SBI, alleging it "wilfully and deliberately" disobeyed the apex court's direction to submit details of contributions made to political parties through electoral bonds by March 6.

Mar 11, 2024: A five-judge Constitution bench of SC dismisses SBI's plea seeking extension of time and directs it to furnish the details of electoral bonds to the EC by close of business hours on March 12.