By Neeraj Thakur

In a significant development on Monday, the Supreme Court of India took a firm stance against the State Bank of India (SBI), denying the bank's plea for additional time until June 30 to unveil the identities of anonymous donors who bought electoral bonds, along with the specifics of their encashment by political parties. This decision comes as a huge setback for SBI, which has faced widespread criticism for seemingly aligning with the interests of the BJP-led central government. The SBI has been attacked by various quarters for planning a calculated delay to push the disclosure past the 2024 Lok Sabha elections.

In an unequivocal assertion of its authority, the Supreme Court's directive to the SBI cuts through the fog of procedural delays, demanding the immediate disclosure of electoral bond donors by March 12. The ECI, on the other hand, has been tasked with making these details public by March 15, no later than 5 PM. The apex court also warned the SBI about potential contempt proceedings should it fail to comply with its orders. Despite the SBI's initial request for a three-month period to disclose the donor details—information that was, notably, already in its possession—the Supreme Court's decision to require disclosure within a drastically shorter timeframe of 24 hours has come as a major embarrassment to the public sector bank.

In a landmark decision last month, a five-judge Constitution Bench invalidated the electoral bonds scheme, compelling the SBI, the designated financial institution for the scheme, to disclose to the Election Commission of India the specifics of all electoral bonds purchased since April 12, 2019, by March 6. But the SBI petitioned the court, claiming that the disclosure process was "time-consuming" and sought an extension until June 30.

The extent to which the State Bank of India (SBI) engaged in delay tactics, even before the highest court, borders on the audacious. Represented by Senior Advocate Harish Salve, the bank conceded to possessing complete details on the purchasers of electoral bonds, the origins of the funds, and the specific allocations to political parties.

Read Full Story https://theprobe.in/columns/indias-democracy-at-a-crossroads-unmasking-institutional-vulnerabilities-4325220