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Synopsis

A Constitution bench of the Supreme Court today dismissed an application moved by State Bank of India for extension of time till June 30, 2024 for disclosing details of such bonds purchased since April 12, 2019, contending decoding it is a complex exercise and would require time.

Noting that problems have arisen for SBI when it thought that a matching exercise was to be carried out by it of the doner and bond details, a CJI Chandrachud led bench observed, "The operative directions of this court directed the SBI to disclose the transactions as set out in directions B and C. SBI submits in its application itself that the donor and redemption details are available. The directions require to disclose information already available with it..".

Accordingly, Court has directed SBI to disclose the details by end of day tomorrow, i.e., March 12. 

"Though we are not exercising contempt jurisdiction, we place SBI on notice that this court will proceed for WILFUL DISOBEDIENCE if it does not adhere to our directions", the order adds.

Notably, The Association of Democratic Reforms had also filed a contempt petition before the Supreme Court of India against the State Bank of India's non-adherence to the court's order to disclose information on electoral bonds issued and cashed out by March 6, 2024.

This petition was also taken up today.

"The timeline of three weeks fixed by the court in its judgement dated 15.02.2024 would not be sufficient for the entire exercise to be completed. Therefore, an extension of time may kindly be granted by this Court in order to enable the SBI to comply with the judgement," an application filed by SBI stated.

Between April 12, 2019, to the date of the judgement i.e. February 15, 2024, 22,217, electoral bonds were used for making donations to various political parties, SBI pointed out.

The Supreme Court had on February 15, 2024 declared Electoral Bonds scheme for donation to political parties as unconstitutional.  Court had told SBI to furnish all the information on bonds to the Election Commission by March 6, 2024, which was further directed to upload the details on its website. 

It had further directed that Electoral Bonds which are within the validity period of fifteen days but that which have not been encashed by the political party yet shall be returned by the political party or the purchaser depending on who is in possession of the bond to the issuing bank.

Case Title: Association for Democratic Reforms & Anr. vs. Union of India & Ors.