SC orders SBI to disclose e-bond details to EC today

In a significant setback to the State Bank of India (SBI), the Supreme Court on Monday dismissed its plea for an extension of time and directed it to disclose the details of electoral bonds to the Election Commission by the close of business hours on March 12.

- ASHISH SINHA

A Constitution bench of Chief Justice D Y Chandrachud, along with Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra, also directed the EC to publish the shared details on its official website by 5 pm on March 15.

The bench put the SBI on notice that the apex court may consider taking action against it for "wilful disobedience" of its February 15 verdict if the bank fails to comply with the directives and timelines.

In a landmark ruling delivered on February 15, the Constitution bench had invalidated the Centre's electoral bonds scheme, which permitted anonymous political funding, deeming it "unconstitutional." The court-ordered disclosure by the EC of donors, the donation amounts, and the recipients by March 13.

Ordering the scheme's closure, the top court instructed the SBI, the authorized financial institution under the scheme, to provide details of electoral bonds purchased since April 12, 2019, by March 6 to the Election Commission.