No Comments
Electoral Bonds: The Supreme Court has directed the State Bank of India (SBI) to disclose comprehensive details concerning electoral bonds, including purchase and redemption dates, buyer and recipient names, denominations, alphanumeric numbers, and serial bonds. This decision, aimed at ensuring transparency in political funding, comes amidst ongoing debates surrounding electoral bond transactions.
Supreme Court’s Orders
Chief Justice DY Chandrachud emphasized the necessity for the SBI to divulge all pertinent information, including alphanumeric and serial numbers of purchased bonds, to prevent future controversies.
SBI Chairman Dinesh Kumar Khara has been instructed to submit an affidavit by Thursday, affirming the disclosure of all relevant details in the bank’s possession, with no information withheld.
Dismissal of Petition and Disclosure Period
The Supreme Court rejected a request by the ‘Citizens Rights Trust’ to backdate bond disclosures from March 1, 2018, to April 11, 2019. Instead, the court ordered disclosure from April 12, 2019, to February 15, 2024, covering a period when 9,159 bonds worth Rs. 4,000 crores were said to be sold.
Also, appeals by industry bodies such as Ficci and Assocham to delay disclosing bond numbers were turned down, emphasizing the court’s commitment to transparency despite assurances of anonymity.
Solicitor General’s Remarks and Court’s Response
Solicitor General Tushar Mehta raised concerns about misinformation and misrepresentation of court judgments on social media. However, the court affirmed its readiness to handle public commentary, emphasizing adherence to the rule of law.
Previous Court Directives and Electoral Bond Details
Previously, the court directed the Election Commission (EC) to return sealed covers containing electoral bond information for digitization. The EC subsequently made this data public as per the court’s directives.
SBI submitted electoral bond details to the EC on March 12, leading to the public disclosure of this information.
Revelations and Political Contributions
Notable donors to political parties include major corporates like Grasim Industries, Megha Engineering, and Piramal Enterprises, alongside individuals such as Lakshmi Mittal and entities under scrutiny like Future Gaming and Hotel Services.
Read also: RBI Warns Banks to Ramp Up Cybersecurity Measures Following Recent Cyber Threats
Various political parties, including BJP, Congress, AIADMK, and others, received significant contributions through electoral bonds.
