SC Rejects SBI's Plea For Electoral Bonds Scheme Submission Deadline

BY A STAFF REPORTER: In a significant move, the Supreme Court dismissed the State Bank of India's plea seeking an extension of the deadline to submit the details of the Electoral Bonds Scheme on 11th March, Monday.

Moreover, the Apex Court has directed SBI to submit the details by the conclusion of business hours on 12th March. Subsequently, the Top Court ordered the Election Commission to compile the information and publish all the details on its official website by 5:00 PM on 15th March. 

The SBI on 4th March moved SC to seek an extension of time till 30th June to submit the details of Electoral Bonds. Earlier, the Top Court directed SBI to disclose the details on 6th March. 

The SC passed a verdict against the electoral bonds and struck it down, terming it as unconstitutional on 15th February as it violates Article 19(1)(A), right to freedom of speech. Launched in 2018, the central government's electoral bonds scheme allows anonymous funding to the political parties.