Tuesday, May 28, 2024
  1. You Are At:
  2. News
  3. India
  4. Electoral bonds row: Supreme Court to hear SBI's plea seeking extension on March 11

Electoral bonds row: Supreme Court to hear SBI's plea seeking extension on March 11

The State Bank of India has approached the Supreme Court seeking more time to disclose donor details associated with electoral bonds. The bank requests an extension until June 30 to fulfill this obligation, citing logistical challenges and practical constraints.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: March 08, 2024 16:19 IST
Image Source : PTI/FILE PHOTO State Bank of India branch.

A five-judge bench of the Supreme Court is set to hear the State Bank of India's plea on March 11, regarding extending time until June 30 to disclose donor details related to electoral bonds. This plea comes amidst a heated debate surrounding electoral bonds and transparency in political funding.

Electoral bonds have been a topic of intense scrutiny, with concerns raised about transparency and accountability in political funding. The issue has sparked widespread debate and legal challenges, prompting the Supreme Court to intervene and address the matter.

Chief Justice Chandrachud to lead hearing

Chief Justice D Y Chandrachud will preside over the bench as it deliberates on the SBI's plea for an extended timeline to reveal electoral bond details. Additionally, the court will address a separate plea calling for contempt action against the SBI. The plea alleges that the bank deliberately disregarded the court's directive to submit contribution details to the Election Commission by March 6.

Landmark verdict on electoral bonds

The upcoming hearing follows a landmark verdict delivered by a five-judge constitution bench on February 15. The court deemed the Centre's electoral bonds scheme unconstitutional, mandating the disclosure of donor information to the Election Commission by March 13. The ruling also ordered the immediate closure of the anonymous political funding scheme.

SBI's request for extension

The SBI, the authorised financial institution under the electoral bonds scheme, applied on March 4, seeking an extension until June 30 to disclose bond details. The bank cited the complexity of retrieving information from various sources and the time-consuming nature of cross-referencing data as reasons for the extension request.

Implications for transparency

The outcome of the Supreme Court's hearing on March 11 will have significant implications for transparency in political financing. The decision will not only impact the disclosure of electoral bond details but also shape the future of political funding regulations in India.

Also read | Wishing Pakistan on its Independence Day, criticising abrogation of Article 370 not an offence: Supreme Court


Read all the Breaking News Live on indiatvnews.com and Get Latest English News & Updates from India