The Supreme Court has rejected State Bank of India’s (SBI) request for more time in the electoral bonds case. The court directed SBI to provide details about the buyers of electoral bonds and the political parties that have cashed them by March 12.
The SBI had asked for an extension until June 30, but the court insisted on the earlier deadline. The court emphasized that the SBI must comply with the February 15, 2024, judgment that declared the Electoral Bonds scheme unconstitutional. The Election Commission is required to publish the information on its website by March 15.
During the hearing, the court criticized the SBI for not disclosing the extent of its work since the judgment on February 15. The court pointed out that the SBI was supposed to provide details by March 6.
The court disposed of contempt applications filed by NGOs Association for Democratic Reforms and CPI (M) and warned of initiating proceedings if the directions were not followed by the end of Tuesday. The SBI’s chairman and managing director were directed to file an affidavit complying with the court’s orders.
The Electoral Bonds scheme, introduced in 2018 for political party donations, was declared unconstitutional by the court on February 15, 2024. The SBI, designated to issue these bonds, faced criticism for not disclosing information about the buyers and redemptions of the bonds.
The court emphasized that the information should be made public on the Election Commission’s website by 5 PM on March 15. Despite practical difficulties cited by the SBI, the court insisted on timely compliance with its directions.