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Business News/ News / India/  Electoral Bonds Case Hearing Highlights: 'SC has taken tough stand on SBI's application,' says Prashant Bhushan
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Electoral Bonds Case Hearing Highlights: 'SC has taken tough stand on SBI's application,' says Prashant Bhushan

Electoral Bonds Case Hearing Highlights: SBI to disclose details of electoral bonds with Election Commission by tomorrow (12 March). And the EC to make the details public by 15 March on its official website, the Supreme Court said in its order on Monday. 

Electoral Bonds Case Hearing Live Updates: State Bank of India (SBI) has moved the Supreme Court seeking an extension of time till June 30 to submit details of Electoral Bonds to the Election Commission of India (ANI)Premium
Electoral Bonds Case Hearing Live Updates: State Bank of India (SBI) has moved the Supreme Court seeking an extension of time till June 30 to submit details of Electoral Bonds to the Election Commission of India (ANI)

Electoral Bonds Case Hearing Highlights: Supreme Court of India has rejected a plea by government-run State Bank of India (SBI) for more time to share details of individuals and companies who bought its electoral bonds to fund political parties.

It said the information should be shared with the Election Commission on Tuesday (12 March), and the panel should make it public on its website by the evening of March 15.

Last month, the Supreme Court delivered a landmark judgment in which it scrapped the electoral bond process, calling it 'unconstitutional'. The electoral bonds scheme, launched by the Modi government, allowed 'anonymous' political funding. SBI was the authorised financial institution under the scheme. The Supreme Court of Inda asked the lender to submit by March 6 the details of the electoral bonds purchased from April 12, 2019, to date to the Election Commission, which was asked to publish the information on its official website by March 13.

Will SC relax deadline for SBI today? Check out latest updates on the apex court's hearing on electoral bonds here:

11 Mar 2024, 04:35:18 PM IST

Electoral Bonds Case Hearing Live: Welcome worthy instructions, says ex-Rajasthan CM Ashok Gehlot 

Senior Congress leader and former Rajasthan chief minister Ashok Gehlot on Monday welcomed the Supreme Court's rejection of the State Bank of India's (SBI) petition seeking a time extension to disclose information related to electoral bonds, terming it important for preserving democracy.

A five-judge Constitution bench of the Supreme Court on Monday rejected the SBI plea seeking an extension of the time limit for disclosing information related to electoral bonds.

While sharing on X, Gehlot said, "Welcome worthy instructions!"

He said, "The direction of the Honourable Supreme Court to submit the necessary information of SBI Electoral Bond by tomorrow is welcome and important for the protection of democracy."

He said SBI asking for time on this issue raises doubts on its trust and transparency.

Talking to media, Gehlot also said SBI should not have asked for time and this action has reduced its credibility. (PTI)

11 Mar 2024, 03:50:35 PM IST

Electoral Bonds Case Hearing Live: People need to know who purchased electoral bonds, says Congress' Karti Chidambaram

Congress leader Karti Chidambaram said that the people of India have the right to know who purchased the electoral bonds after the Supreme Court dismissed an application of the State Bank of India (SBI) seeking an extension of time till June 30 to submit details of Electoral Bonds to the Election Commission of India. 

the Congress leader said, "The people of India need to know who purchased the electoral bonds, who are the beneficiaries and whether any quid pro quo was given by the government to those who contributed to them."

Karti said that that the State Bank of India should not have filed an application in the Supreme Court seeking an extension of the deadline to submit electoral bond data.

"SBI should have never filed the application asking for an extension of time. It was really in bad form. I am glad that the Supreme Court threw out their application and has asked them to make full disclosure by tomorrow. They should not delay it. They need to make truthful disclosure by tomorrow," Chidambaram said speaking to ANI on Monday.

11 Mar 2024, 03:11:05 PM IST

Electoral Bonds Case Hearing Live: Entire country is wondering why the BJP is afraid…', says Congress' Pawan Khera

On Supreme Court dismissing SBI's plea for extension on electoral bonds case, Congress leader Pawan Khera says, as quoted by news agency ANI, "We welcome this historical judgement by the Supreme Court... The entire country is wondering why the BJP is afraid of letting details in the public domain. People have the right to know which company paid how much amount to which political party."

11 Mar 2024, 02:53:04 PM IST

Electoral Bonds Case Hearing Live: We welcome the fact that Supreme Court has dismissed the plea of the SBI, says CPI-M General Secretary Sitaram Yechury

On Supreme Court dismissing SBI's plea for an extension on electoral bonds case, CPI-M General Secretary Sitaram Yechury says, as quoted by news agency ANI, "We welcome the fact that Supreme Court has dismissed the plea of the SBI. This is in the interest of transparency of political funding in the country, particularly electoral funding..."

11 Mar 2024, 02:22:04 PM IST

Electoral Bonds Case Hearing Live: Congress hails SC bench, says it protected democracy from 'devious machinations' of current regime

The Congress on Monday hailed the Supreme Court for dismissing the SBI’s plea seeking an extension of time to furnish details of electoral bonds. The party said the apex court has once again come to protect democracy from the “devious machinations" of the current regime.

Earlier in the day, a a five-judge Constitution bench of the top court dismissed the State Bank of India’s plea for time extension and directed it to furnish the details of electoral bonds to the Election Commission by close of business hours on March 12.

11 Mar 2024, 01:53:20 PM IST

Electoral Bonds Case Hearing Live: Karnataka Youth Congress workers stage protest outside SBI

Karnataka Youth Congress workers on Monday staged a protest led by Youth Congress working President Manjunath, in front of the SBI bank in Bengaluru over the Supreme Court order on Electoral Bonds. Protestors demanded to provide details of Electoral Bonds.

Supreme Court has dismissed an application of State Bank of India (SBI) seeking an extension of time till June 30 to submit details of Electoral Bonds to the Election Commission of India.

11 Mar 2024, 01:26:40 PM IST

Electoral Bonds Case Hearing Live: 'SBI's credibility has gone down,' says Congress leader Ashok Gehlot

After Supreme Court dismissed SBI's plea seeking extension in time to submit details of electoral bonds to the Election Commission of India, former Rajasthan CM Ashok Gehlot said, "SBI can submit the list in a day but they asked for six months. It creates doubt that on whom advice the SBI was asking for the extension. This electoral bond is a scam and it'll be exposed someday".

11 Mar 2024, 12:40:18 PM IST

Electoral Bonds Case Hearing Live: 'Glad Supreme Court has thrown SBI's application,' says karti Chidambaram

Congress MP Karti Chidambaram on SC's rejecting SBI plea on electoral bond deadline extension said, "SBI should have never filed an application asking for an extension in time. I am glad that the Supreme Court has thrown their application and asked them to make full disclosure by tomorrow. The people of India have the right to know who purchased the electoral bond, who are the beneficiaries, and whether any quid pro quo has been given by the govt to anyone who contributed to them".

11 Mar 2024, 12:28:00 PM IST

Electoral Bonds Case Hearing Live: 'Data that SC asked them to give is already available with SBI,' says Prashant Bhushan

Advocate Prashant Bhushan, after SC's directing SBI to disclose details of electoral bonds by 12 March said, "The Supreme Court has taken a tough stand on the SBI's application for extension of time till June 30 to disclose details about donors of electoral bonds as well as the parties which redeemed these electoral bonds. The court has dismissed the application of the SBI, pointing out that the data that the court had asked them to give is already available with the SBI as per their affidavit, they've to submit the details of the donors and details of the parties which redeemed these electoral bonds".

11 Mar 2024, 12:20:09 PM IST

Electoral Bonds Case Hearing Live: Youth Congress workers protest outside SBI branch in Mysore

Youth Congress workers on Monday protested outside an SBI branch in Mysore.

11 Mar 2024, 12:16:51 PM IST

Electoral Bonds Case Hearing Live: 'SC understood seriousness of matter,' says petitioner

Petitioner Jaya Thakur said, "Supreme Court understood the seriousness of the matter and issued strict order for the bank (SBI) to submit all documents by tomorrow. I think this is a great decision, I welcome it..."

11 Mar 2024, 12:08:43 PM IST

Electoral Bonds Case Hearing Live: Dates to remember in SC's order

12 March: Supreme Court has asked government-owned State Bank of India (SBI) to to share details of individuals and companies who bought its electoral bonds to fund political parties on 12 March (Tuesday) with the Election Commission of India.
15 March: The Election Commission (EC) needs to compile the information and publish the details in its official website no later than by 15 March, 2024 by 5 PM.

11 Mar 2024, 12:05:18 PM IST

Electoral Bonds Case Hearing Live: SC asks Election Commission to publish details on website by 15 March

The Supreme Court of India told Election Commission of India to compile the information and publish the details in its official website no later than by 15 March, 2024 by 5 PM.

11 Mar 2024, 12:00:26 PM IST

Electoral Bonds Case Hearing Live: Court warns SBI chairman of being proceeded against for the contempt of court if order defied

Supreme Court has warned the SBI chairman and managing director Dinesh Kumar Khara of being proceeded against for the contempt of court if the order is not complied by within the timeline.

11 Mar 2024, 11:55:20 AM IST

Electoral Bonds Case Hearing Live: SC asks SBI to provide two sets of details

The Supreme Court of India has asked the SBI to only provide two separate sets of details:

1. Name of the purchaser of electoral bonds and denomination of the bonds.

2. Bonds redeemed by the respective political parties.

SC said both the set of details need not be matched, thus, SBI need not connect purchaser of the bond to the political party.

11 Mar 2024, 11:52:12 AM IST

Electoral Bonds Case Hearing Live: SC rejects SBI's applications, asks to disclose details by 12 March

Supreme Court has rejected SBI's application seeking time till June 30 to disclose details of Electoral Bonds. The SC has given time yill the business hours of March 12 to do so. The Election Commission needs to put the information on its website by 5 pm on March 15.

11 Mar 2024, 11:47:27 AM IST

Electoral Bonds Case Hearing Live: ‘Details of bonds are readily available,’ says SC

SC on Monday said that the SBI submited in its application itself mentioned that the donor details and redemption details are available albeit in separate silos. Besides, FAQs on EBs published by the SBI states KYC documents must be submitted by the purchaser each time the bond is purchased irrespective of whether the purchaser has a KYC verified SBI account.

“One set of documents (electoral bond application form, KYC documents and pay in slip) can be 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," the court said.

11 Mar 2024, 11:42:56 AM IST

Electoral Bonds Case Hearing Live: ‘It is the biggest scam in country,’ says Odisha minister

Odisha Minister Ranendra Pratap Swain called the electoral bond scheme, now scrapped by Supreme Court, "biggest scam in the country". He told PTI, “It will open the pandora's box, it is the biggest scam in country's electoral history".

11 Mar 2024, 11:37:18 AM IST

Electoral Bonds Case Hearing Live: ‘SBI is mandated to disclose information when mandated by a Court,’ says SC

According to the Supreme Court bench, "Clause 7 of the Electoral bond scheme stipulates that the information furnished by a buyer of the EB shall be treated as confidential and shall be disclosed only when called upon to do so by a competent court or by a registration of offence by a law enforcement agency. Thus in terms of the provisions of the electoral bonds scheme itself SBI is mandated to disclose information when mandated by a Court".

11 Mar 2024, 11:35:00 AM IST

Electoral Bonds Case Hearing Live: Hearing in the case is underway

A five-judge Constitution bench of the Supreme Court on Monday asked the State Bank of India to apprise it about the steps taken so far to ensure disclosure of details of electoral bonds encashed by political parties before the scheme was scrapped last month.

"In the last 26 days, what steps have you taken? Your application is silent on that," the bench asked.

11 Mar 2024, 11:31:28 AM IST

Electoral Bonds Case Hearing Live: ‘SBI has to just open sealed cover, collate details and give information,’ says SC

After hearing SBI's plea, the Supreme Court said that the lender has to just open sealed cover, collate details and give information to Election Commission.

11 Mar 2024, 11:26:29 AM IST

Electoral Bonds Case Hearing Live: 'Can give the details within 3 weeks if…', Salve to SC

Harish Salve, representing SBI, said that details can be given to the election commission within 3 weeks if there is no requirement to link the purchaser details with the parties.

11 Mar 2024, 11:24:21 AM IST

Electoral Bonds Case Hearing Live: ‘Connecting bonds to political parties’ needs time, says Harish Salve

Harish Salve told Supreme Court, “We don’t have problem in collating details of bonds purchased and encashed by the political parties but connecting respective bonds to political parties may need time".

11 Mar 2024, 11:22:41 AM IST

Electoral Bonds Case Hearing Live: SBI seeks three weeks time to disclose details of electoral bonds

SBI seeks at least three weeks time to give separate details of bonds purchased and redeemed by the political parties even without the exercise of matching bonds to political parties.

11 Mar 2024, 11:21:50 AM IST

Electoral Bonds Case Hearing Live: ‘Give us little time…we will do it,’ Salve tells SC

Harish Salve (representing SBI) told SC, "….Please give us a little time, we will do it".

11 Mar 2024, 11:18:35 AM IST

Electoral Bonds Case Hearing Live: 'Don't want to create any havo by making mistake,' says Salve

Harish Salve (representing SBI) said, "The problem is that I can't make a mistake, in a hurry to give numbers...". To which Justice Khanna replied, "You have the KYC. You are the number 1 bank in the country. We expect you to handle it".

11 Mar 2024, 11:14:19 AM IST

Electoral Bonds Case Hearing Live: 'We expect some candour from the State Bank of India,' says CJI

CJI Chandrachud questions the delay in revealing the details of each electoral bond encashed by political parties. “Our judgment is dated 15 February. We are on 11 March. In past 26 days, what steps you have taken? Nothing is stated. It should have been disclosed. We expect some candour from the State Bank of India," CJI Chandrachud said.

11 Mar 2024, 11:12:13 AM IST

Electoral Bonds Case Hearing Live: ‘Have full details who purchased bond,’ says Harish Salve

Harish Salve told SC bech, “I have full details of who purchased the bond. That is in one silo. I have another set of information of which political party encashed, that is not a problem".

11 Mar 2024, 11:09:44 AM IST

Electoral Bonds Case Hearing Live: ‘Open the seal cover…give the details,’ Justice Khanna to Slave

Justice Khanna told Salve (representing SBI), “You say all purchaser details are kept in a sealed cover. You just need to open the sealed cover and give the details".

11 Mar 2024, 11:06:29 AM IST

Electoral Bonds Case Hearing Live: We have directed a plain disclosure, says CJI 

CJI Chandrachud told Harish Salve that we only directed SBI a 'plain disclosure'. 

“So to seek time saying that a matching exercise is to be done is not warranted, we have not directed you to do that," CJI added.

11 Mar 2024, 11:02:17 AM IST

Electoral Bonds Case Hearing Live: Advocate Harish Salve says SBI needs more time to reveal details of each electoral bond

Senior Advocate Harish Salve, appearing for the SBI told Supreme Court, “We need a little more time to comply with your lordships' order. The only problem which we have is, we are trying to reverse the whole process. The SOP made sure that there was no name of the purchaser in our core banking system and the bond number. We were told that this was supposed to be secret".

11 Mar 2024, 10:59:31 AM IST

Electoral Bonds Case Hearing Live: Bench assembles

The SC bench on Monday assembled to hear the matter of SBI on electoral bond documents' declaration. Advocate Kapil Sibal, Advocate Prashant Bhushan, Shadan Farasat (for petitioners) and Solicitor General of India Tushar Mehta & Senior Advocate Harish Salve (appearing virtually) were present on Monday.

11 Mar 2024, 10:53:38 AM IST

Electoral Bonds Case Hearing Live: What SBI is saying?

The SBI has sought extension till June 30 to disclose the details of the electoral bonds encashed by political parties.

The SBI contended that retrieval of information from "each silo" and the procedure of matching the information of one silo to that of the other would be a time-consuming exercise.

The application said due to stringent measures undertaken to ensure that the identity of the donors was kept anonymous, "decoding" the electoral bonds and matching the donors to the donations would be a complex process.

11 Mar 2024, 10:53:38 AM IST

Electoral Bonds Case Hearing Live: SC to hear contempt petitions filed by ADR, CPI (M)

A five-judge Constitution bench headed by Chief Justice DY Chandrachud will also hear a separate plea, which has sought initiation of contempt action against the SBI alleging, it "wilfully and deliberately" disobeyed the apex court's direction to submit details of the contributions made to political parties through electoral bonds to the Election Commission by March 6.

11 Mar 2024, 10:53:39 AM IST

Electoral Bonds Case Hearing Live: Supreme Court to hear SBI's plea today

The Supreme Court will on Monday hear the application filed by the State Bank of India (SBI) seeking extension till June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last month.

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