New Delhi: In a significant development, the Supreme Court of India has denied the State Bank of India’s (SBI) plea for an extension of time regarding the electoral bond transparency case. The apex court has mandated that SBI disclose all pertinent data and submit it to the Election Commission by the following evening.
Court’s Order:
The Supreme Court’s order stipulates that SBI must provide the Election Commission with the electoral bond data by March 12. Subsequently, the Election Commission is scheduled to make this information public on March 15.
Bench Proceedings:
The matter was deliberated upon by a five-judge constitutional bench comprising Chief Justice DY Chandrachud, Justice Sanjeev Khanna, Justice BR Gavai, Justice JB Pardiwala, and Justice Manoj Mishra. During the hearing, Senior Advocate Harish Salve, representing SBI, contended that the electoral bond purchase dates and buyer identities are encoded and not immediately accessible, necessitating time for decoding. SBI sought an extension until June 30 for this purpose.
KYC Compliance Query:
The bench queried about the Know Your Customer (KYC) compliance for bond purchasers. Salve assured that SBI possesses comprehensive details regarding the bond purchasers and the political parties receiving the funds. However, he indicated that correlating bond numbers with names would require additional time.
Judicial Interrogation:
Chief Justice Chandrachud, leading the bench, questioned SBI’s actions in the 26 days following the court’s initial order, emphasizing the gravity of the matter and the necessity to comply with the court’s directives.
Clarification Sought:
Justice Khanna highlighted the simplicity of the task, involving merely opening a sealed cover, and sought to understand the bank’s difficulty. In response, Salve expressed a desire for further clarification from the Supreme Court, stating the bank’s readiness to disclose bond numbers, names, and values within three weeks.
Supreme Court’s Decision:
Despite the arguments presented, the Supreme Court dismissed SBI’s requests and instructed the bank to publicize all electoral bond data by the next evening and ensure its delivery to the Election Commission.
This ruling marks a pivotal moment in the ongoing discourse on electoral bond transparency and the Supreme Court’s commitment to upholding the principles of accountability and openness in political financing.
