The State Bank of India (SBI) faced a major blow from the Supreme Court during the electoral bond hearing. On Monday, the court ordered SBI to provide full details by tomorrow, March 12th.
Senior advocate Harish Salve, representing SBI, had requested time until June 30th to furnish the information during the hearing. He mentioned that the Court had directed SBI to disclose information on bond purchases, including details of buyers as well as transaction amounts.
Salve explained that the challenge lies in the process of extracting information as per the SOP, which ensures no link between bond buyers and the bond information is maintained. He highlighted the confidentiality aspect, stating that the buyer's name and date of purchase are coded, requiring time to decode.
Both details in Mumbai, where’s the issue?: SC
Reading SBI’s petition, the CJI inquired why all information had been sealed and dispatched to SBI's main branch in Mumbai, questioning the delay in compliance with court orders.
SBI must reveal sealed envelope details
The CJI questioned SBI’s non-compliance with the verdict, indicating that separate KYC for each purchase has been demonstrated in FAQs.
Behind SBI’s inability to disclose information
SBI counsel Harish Salve mentioned the need to disclose the date of purchase and bond details. On this, the CJI asked about the lack of compliance since the verdict was announced on February 15th, and stressed the importance of precision to avoid litigation.
5-judge bench presides over the case
The case is being heard by a bench of five judges, including Chief Justice D.Y. Chandrachud, Justice Sanjeev Khanna, Justice B.R. Gavai, Justice J.B. Pardiwala, and Justice Manoj Mishra.
