In a big blow to the SBI, the Supreme Court on Monday turned down the state-run lender's request to give an extension for submitting electoral bond data and asked it to furnish all details by tomorrow, (March 12).
The apex court on February 15 struck down the electoral bond scheme as "unconstitutional", and directed the SBI to furnish details of all electoral bond purchases since April 12, 2019, to the EC by March 6. It further directed this information to be published on the EC website by March 13.
However, two days before the deadline, the SBI filed a miscellaneous application before the SC, seeking an extension till June 30.
After hearing the matter, the court today said that the submissions of the SBI in the application indicate that the info sought is readily available. "Thus the application by SBI seeking extension of time until June 30 IS DISMISSED. SBI is directed to disclose the details by the close of business hours of March 12, 2024."
The SC directed the EC to compile the details and upload the same by March 15, 2024. The court also asked the SBI to file an affidavit of its chairman and managing director in compliance with the directions issued.
"Though we are not exercising the contempt jurisdiction, but we put SBI on notice that this court will proceed against it for 'WILFUL DISOBEDIENCE OF COURT' if it does not adhere to the directions issued by the court," the SC said.
CJI DY Chandrachud said the FAQs on electoral bonds state that the KYC (Know Your Customer) documents must be submitted by the purchaser each time the bond is purchased irrespective of whether the purchaser has a KYC verified purchaser account.
"Thus details of electoral bond (EB) purchased and directed to be disclosed is readily available. FAQ on EB published by SBI with respect to redemption of bonds states that each political party can only open one current account for EB redemption. The current account by the political party is only in 4 authorised branches. Thus details of information of EB encashed by political parties will be available in these 4 branches and the slips etc will have to be deposited with the main bank and this process was followed."
Earlier during the hearing, senior advocate Harish Salve, appearing for SBI, said the bank has full details on who purchased the bond and it has full details from where the money came from, and which political party tendered how much. "I have to also now put the names of purchasers. The names have to be collated, cross-checked with the bond numbers," he said.
The SBI counsel said that work is done from form to form and will take three months to share details. "I cannot make the mistake else I will be sued by donors etc."