On March 18th, the Supreme Court reprimanded SBI for providing incomplete information and summoned the bank to elucidate the reasons behind the omission of unique alphanumeric numbers.
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NEW DELHI: The Supreme Court has rebuked the State Bank of India (SBI) for its “selective” approach and has instructed it to unveil all pertinent information concerning the electoral bonds scheme by March 21. This mandate includes the disclosure of comprehensive details, encompassing the unique bond numbers, crucial for establishing the connection between the purchasers and the political parties receiving the funds.
In a momentous decision, a five-judge constitution bench had previously invalidated the scheme, deeming it “unconstitutional.” The bench directed the Election Commission to unveil the identities of the donors, the corresponding donation amounts, and the recipients by March 13.
Led by Chief Justice of India DY Chandrachud, the constitution bench, comprising Justices Sanjiv Khanna, B R Gavai, J B Pardiwala, and Manoj Misra, emphasized that the SBI must divulge all relevant particulars. Additionally, the Election Commission was directed to promptly upload the information received from SBI onto its official website.
On March 11, the SBI faced scrutiny from the apex court regarding its efforts to adhere to the court’s directives, following the denial of an extension to disclose electoral bond details. Subsequently, on the preceding Friday, the Supreme Court reprimanded the SBI for furnishing incomplete information and issued a notice to the bank, seeking an explanation for the omission of unique alphanumeric numbers.
The bench declined to entertain pleas from industry bodies, such as the Associated Chambers of Commerce & Industry of India (ASSOCHAM) and the Confederation of Indian Industry (CII), regarding the disclosure of bond details. Represented by senior advocate Mukul Rohatgi, these industry bodies sought an urgent hearing on their interim application. However, the apex court disregarded a letter from senior advocate Adish C Aggarwala, the president of the Supreme Court Bar Association (SCBA), urging a suo motu review of the judgment concerning the disclosure of electoral bond details.
BACKGROUND OF THE CASE
The Supreme Court earlier made clear its stance regarding the transparency of electoral bond transactions, mandating the State Bank of India (SBI) to divulge comprehensive details about these financial instruments.
The apex court emphasized that the SBI is obligated to reveal all “conceivable” information pertaining to electoral bonds within its custody. This includes the disclosure of unique bond numbers, a critical piece of data that establishes the connection between the purchasers of the bonds and the beneficiary political parties.
The directive was issued by a distinguished five-judge bench led by Chief Justice D Y Chandrachud. This decision comes as a continuation of the Supreme Court’s earlier judgment in the case concerning electoral bonds, wherein the court had previously ordered the bank to provide complete information regarding these bonds.
The bench underscored the necessity for the State Bank of India to comply with the order without awaiting further instructions, thereby highlighting the importance of transparency in the electoral bond scheme.
SC directed the State Bank of India to make a complete disclosure of all details related to electoral bonds, including the unique bond numbers that would disclose the link between the buyer and the recipient political party, by March 21.
Bench said there is “no manner of doubt” that the SBI is required to disclose complete details of the bonds.
It directed the SBI chairman to file an affidavit before it by 5 pm on March 21 indicating that the bank has disclosed all the details.
During the proceedings, the bench stated,
“We had asked all details to be disclosed by the SBI which includes electoral bond numbers as well. Let SBI not be selective in disclosure.”
This remark was made collectively by the bench which also includes Justices Sanjiv Khanna, B R Gavai, J B Pardiwala, and Manoj Misra. This directive underscores the Supreme Court’s commitment to ensuring accountability and transparency in the financing of political parties through electoral bonds.
Click Here to Read Previous Reports on Electoral bonds
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