The Supreme Court on March 11 rejected the State Bank of India's (SBI's) plea for an extension until June 30 to provide information regarding electoral bonds. A five-judge Constitution bench directed SBI to submit the necessary details by March 12.
Here are the top five quotes of the bench led by Chief Justice DY Chandrachud.
-While we are not inclined to exercise the contempt jurisdiction at this time, we place SBI on notice that this Court may be inclined to proceed against it for wilful disobedience if SBI does not comply with the directions by the timelines indicated in this order.
-What you are saying is that there are two different information silos and rematching them would require significant effort. But if you see the directions we issued, we did not ask you to do this matching exercise. We have simply directed plain disclosure.
-Our judgment is dated February 15. We are on March 11. In the past 26 days, what steps have you taken? Nothing is stated. It should have been disclosed. Your application is silent on that. We expect some candour from the State Bank of India.
- One set of documents (electoral bond application form, KYC documents and pay in slip) can only be used to purchase one electoral bond. Contributors who have an SBI account as well as those who don't have to submit the EB application, KYC docs and proof of payment through NEFT/Cheque/DD. Thus, the details of the bonds which have been purchased are readily available.
-We have not told you to match donor KYC with political parties. We have only asked you to disclose the available details with the EC. SBI can simply comply with the judgement by disclosing available info. Grounds for seeking extension do not exist. SBI has the KYC details.
The State Bank of India had sought an extension till June 30 to disclose the details of each electoral bond encashed by political parties before the scheme was scrapped. A separate plea which is seeking initiation of contempt action against the SBI is also being heard.
The upcoming Lok Sabha elections, slated to occur nationwide in April-May, are anticipated with immense significance. The Bharatiya Janata Party (BJP), under the leadership of Prime Minister Narendra Modi, is aiming to clinch a third consecutive term in office.
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