Supreme Court Rejects SBI's Plea for Electoral Bond Disclosure Extension

The Supreme Court has turned down the State Bank of India's (SBI) plea for an extension to disclose details regarding the electoral bonds scheme. They have ordered the release of this information to the Election Commission of India (ECI) by March 12, with a deadline for publication set for 5 pm on Friday. Failure to comply will lead to contempt proceedings against SBI.

During the court session, SBI was scrutinized for requesting additional time beyond the initial deadline set following the nullification of the scheme on February 15. This extension was sought to ensure transparency ahead of the Lok Sabha elections.

Despite SBI's argument, presented by Senior Advocate Harish Salve, citing procedural challenges due to the confidential nature of the scheme, the court stressed the urgency and simplicity of the task, dismissing the need for further delay.

According to the judgment issued on February 15, SBI was mandated to provide information to the Election Commission of India by March 6. This information includes details such as the purchaser of the bonds, their denomination, the parties who encashed the bonds, and the date of encashment. Subsequently, the ECI was required to publish these details on its website by March 13.

Also Read: SBI Seeks Deadline Extension To Submit For Electoral Bond Details