SC rejects SBI's plea for extension on electoral bond details, sets March 12 deadline

New Delhi, March 11: The Supreme Court on Monday dismisses the application of the State Bank of India (SBI) seeking extension of time till June 30 to submit details of electoral bonds to the Election Commission of India. The apex court asked the SBI to disclose the details of electoral bonds by the close of business hours on March 12. 

At the same time, the Supreme Court directed the Election Commission to compile information and publish the details on its official website no later than 5pm on March 15.

Notably, on March 11, the Supreme Court heard the State Bank of India's (SBI) request for an extension until June 30 to disclose information about each electoral bond encashed by political parties before the scheme was recently discontinued. Chief Justice DY Chandrachud stressed the need for straightforward disclosure, stating that the court only requested compliance with its judgment. The SBI acknowledged having the details, but cited the time required to relate purchases to donors. However, the Supreme Court dismissed the plea and asked the SBI to disclose the details of  electoral bonds by the closure of business hours on March 12.

A Constitution Bench, led by CJI Chandrachud, also addressed a separate plea seeking contempt action against the SBI for allegedly disobeying the court's directive to submit details of political contributions through electoral bonds to the Election Commission by March 6. The Bench, including Justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra, convened at 10:30 am to hear both petitions.

Justice Sanjiv Khanna suggested opening the sealed cover containing purchase details, emphasising transparency. The CJI expressed concern about the SBI's delay in compliance and mentioned the court's intention to direct the Election Commission to disclose information immediately.

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In a significant verdict on February 15, a five-judge Constitution Bench declared the electoral bonds scheme unconstitutional, ordering the Election Commission to disclose donor details by March 13. Earlier, the court had directed the SBI to submit bond details by March 6. The SBI, citing the complexity of decoding anonymous bonds, requested an extension until June 30.

A separate contempt petition, filed by NGOs Association for Democratic Reforms and Common Cause, accused the SBI of intentional delay to prevent public disclosure of donor details before the 2024 Lok Sabha elections.

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