The Supreme Court’s landmark decision on electoral bonds underscores its commitment to transparency in political funding, with attention now turning to the State Bank of India for the ensuing consequences.
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NEW DELHI: Today(on 11th March), the Supreme Court of India has taken a decisive stand against the State Bank of India (SBI) regarding the disclosure of electoral bond details. This move has been widely discussed and analyzed, shedding light on the implications for transparency and accountability in political funding.
Advocate Prashant Bhushan, known for his legal activism, described the Supreme Court’s refusal to grant an extension to the SBI as a “tough stand.” The apex court’s decision came after the SBI sought additional time until June 30 to disclose details about the donors of electoral bonds and the political parties that have redeemed them. Bhushan highlighted the court’s rationale, stating:
“The Supreme Court decisively denies the State Bank of India’s request for an extension until June 30 to reveal details about electoral bond donors and redeeming parties. Highlighting the availability of the required data in the SBI’s affidavit, the court mandates immediate submission of donor and redemption details, rejecting the application for additional time.”
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The Supreme Court’s directive has not only put the SBI under scrutiny but also signaled a broader concern for transparency in the electoral process. The court has sternly warned that it will initiate contempt proceedings against the SBI if it fails to comply with the order by the stipulated deadline, March 12. The court’s statement, as reported, underscores the gravity of the situation:
“The State Bank of India is instructed to submit an affidavit from its Chairman and Managing Director confirming compliance with the provided directives. Although the court refrains from exercising contempt jurisdiction presently, it serves notice to the SBI that proceedings for willful disobedience may be initiated if the bank fails to adhere to the specified timelines outlined in this order.”
The reaction to the Supreme Court’s decision has been varied, with political figures weighing in on the matter. Former Rajasthan Chief Minister and Congress leader Ashok Gehlot expressed his approval of the court’s directive, emphasizing the importance of the decision for judicial integrity and transparency. Gehlot remarked:
“The Supreme Court has done the right thing by asking (SBI) to disclose details of electoral bonds by tomorrow. I am sure that Supreme Court will understand the seriousness of the matter and give a verdict that will teach a lesson to those who tried to befool the court.”
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