Scheduled for March 11, a five-judge constitution bench of the Supreme Court is set to deliberate on an application submitted by the State Bank of India (SBI), requesting an extension until June 30 to unveil the specifics of each electoral bond cashed by political entities.
Under the leadership of Chief Justice D Y Chandrachud, the bench will also address a separate plea alleging contempt against the SBI. The plea accuses the bank of intentionally flouting the apex court's directive to furnish details of contributions made to political parties via electoral bonds to the Election Commission by March 6.
In a significant ruling issued on February 15, a previous five-judge constitution bench invalidated the Centre's electoral bonds scheme for clandestine political financing, deeming it "unconstitutional." The court mandated the disclosure of donors, the amounts contributed, and the recipients by March 13, to be handled by the Election Commission.
With immediate effect, the Supreme Court ordered the closure of the scheme and instructed the SBI, the designated financial institution overseeing the program, to furnish details of electoral bonds procured since April 12, 2019, by March 6. The Election Commission was tasked with publishing this information on its official platform by March 13.
On March 4, the SBI petitioned the apex court for an extension until June 30 to divulge the particulars of electoral bonds redeemed by political parties. The bank argues that extracting information from various sources and aligning data would be a time-intensive endeavor.
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