News Mania Desk/Agnibeena Ghosh/2nd August 2024
The Supreme Court dismissed multiple petitions on Friday seeking a court-monitored Special Investigation Team (SIT) probe into the now-defunct electoral bonds scheme. These petitions had called for an investigation into alleged quid pro quo arrangements between corporates and political parties facilitated through electoral bond donations.
On February 15, a significant ruling by a five-judge constitution bench of the Supreme Court declared the Centre’s electoral bonds scheme for anonymous political funding unconstitutional. The court mandated the Election Commission to disclose the identities of donors, the amounts donated, and the recipients by March 13.
Following this verdict, the State Bank of India (SBI) faced scrutiny for requesting an extension until June 30 to provide information to the Election Commission of India (ECI) regarding the scheme. The Supreme Court, however, rejected this plea and ordered SBI to disclose the details by March 12. Chief Justice DY Chandrachud led the bench, which also included Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra. The court directed the ECI to publish the disclosed details on its official website by 5 PM on March 15.
During the proceedings, senior advocate Harish Salve, representing SBI, argued that more time was necessary to collate and match the information as it was stored in different silos across branches. Despite these submissions, the Supreme Court maintained its directive for timely disclosure.
On March 12, the ECI confirmed on the social media platform X (formerly Twitter) that SBI had complied with the Supreme Court’s order and submitted the required data. “In compliance of Hon’ble Supreme Court’s directions to the SBI, contained in its order dated Feb 15 & March 11, 2024 (in the matter of WPC NO.880 of 2017), data on electoral bonds has been supplied by State Bank of India to Election Commission of India, today, March 12, 2024,” the post read.
By March 15, the ECI made the electoral bond details public, revealing a list of entities that purchased bonds to make political donations. This list included major corporate players such as Bharti Airtel, DLF, Vedanta, ITC, Mahindra and Mahindra, PVR, the Birlas, the Bajajs, the Jindals, SpiceJet, IndiGo, and the Goenkas. Interestingly, the biggest donor turned out to be a relatively unknown lottery company, Future Gaming and Hotel Services, which purchased bonds worth Rs 1,368 crore. Following them was Megha Engineering and Infrastructure Ltd with Rs 966 crore. Future Gaming had previously been under investigation by the Enforcement Directorate in March 2022.
The Supreme Court’s decision to dismiss the pleas for an SIT probe underscores the contentious nature of the electoral bonds scheme and its implications for political funding transparency in India. The court’s insistence on disclosure reflects a move towards greater accountability, even as the broader debate over the influence of corporate donations in politics continues.
This ruling and the subsequent disclosures have brought significant attention to the practices of political funding in India, sparking discussions about the need for reforms to ensure transparency and prevent misuse of such schemes in the future.
