On Monday, the Supreme Court issued a warning to the chairman and managing director of the State Bank of India (SBI) regarding contempt proceedings while rejecting the bank’s request for additional time to provide information about individuals and companies purchasing controversial electoral bonds to finance political parties.
A Constitution bench headed by Chief Justice D Y Chandrachud and comprising five judges stated that the bank should readily share the requested information with the Election Commission of India (ECI) by the close of business on Tuesday, emphasizing that the information is readily available with the bank.
“The SBI shall file an affidavit of its chairman and managing director regarding compliance with the directions issued above,” the bench ordered.
While refraining from immediately invoking contempt jurisdiction, the court cautioned the SBI that it might proceed against the bank for willful disobedience if it fails to adhere to the specified timeline.
The court had previously invalidated the electoral bonds scheme on February 15, deeming it unconstitutional and permitting unlimited and anonymous donations to political parties. It directed the bank to provide details of contributions made through electoral bonds to the Election Commission by March 6.
On March 4, the SBI approached the Supreme Court seeking an extension of the deadline until June 30, citing the time-consuming nature of retrieving information from various sources and matching data from different silos.
Additionally, a separate plea was filed requesting contempt action against the SBI, alleging deliberate disobedience of the apex court’s directive.
Reacting to the court’s decision, advocate Prashant Bhushan, representing NGOs Association for Democratic Reforms and Common Cause, highlighted the court’s firm stance on the SBI’s extension request. He emphasized that the data requested by the court is already available with the SBI, as per their affidavit, stressing the importance of disclosing donor details and parties redeeming electoral bonds.
Former Rajasthan Chief Minister and senior Congress leader Ashok Gehlot commended the court for demanding that the SBI disclose electoral bond details by the following day, expressing confidence in the court’s ability to deliver a verdict that holds accountable those attempting to deceive the judiciary.
