Supreme Court Rejects SBI’s Application, Orders Disclosure of Details: Electoral Bonds Case Hearing Live Updates:

New Delhi, March 11, 2024 — In a significant development, the Supreme Court of India has rejected the State Bank of India's (SBI) application for additional time to share details related to electoral bonds. The court has directed the SBI to promptly disclose information regarding individuals and companies that purchased electoral bonds to fund political parties.

The electoral bonds case has been closely watched since last month when the Supreme Court declared the electoral bond process "unconstitutional." The scheme, introduced by the Modi government, allowed for anonymous political funding through these financial instruments. As the authorized financial institution under this scheme, the SBI has been under scrutiny.

The court's order mandates that the SBI submit details of electoral bonds purchased from April 12, 2019, to the present date to the Election Commission. The deadline for this submission is March 6. Furthermore, the Election Commission has been instructed to publish this information on its official website by March 13.

In a stern warning, the Supreme Court cautioned SBI Chairman and Managing Director, Dinesh Kumar Khara, that failure to comply with the order could result in contempt of court proceedings. The court emphasized the urgency of transparency in political funding and underscored the importance of adhering to the specified timeline.

The court's directive also specifies two critical sets of details that the SBI must provide:

1. Name of the Purchaser: The identities of individuals and companies who bought electoral bonds.
2. Denomination of the Bonds: The value of the electoral bonds redeemed by respective political entities.

The case continues to be closely monitored, and the public eagerly awaits the disclosure of these crucial details. The Supreme Court's unwavering commitment to transparency and accountability underscores the significance of this landmark judgment.

Stay tuned for further updates as the electoral bonds case unfolds. The Election Commission is expected to make the disclosed information public on its official website by March 15, shedding light on the inner workings of political financing in India