Electoral bonds LIVE highlights: BJP redeemed bonds worth ₹6061 cr followed by TMC

Electoral bonds LIVE: The Supreme Court reprimanded SBI on Monday for requesting more time to provide electoral bonds details, instructing the bank to disclose the information to the Election Commission by the end of business hours on Tuesday.

As a result, SBI's plea for an extension until June 30, 2024, to disclose electoral bond details from April 12, 2019, to February 15, 2024, was rejected. The ECI had to publish the details on its website by before. 5 pm on Friday, March 15.

Here are the two legal questions formulated by the Constitution Bench of the Supreme Court during the delivery of the judgment -

1. Whether unlimited corporate funding to political parties, as envisaged by the amendment to Section 182(1) of the Companies Act infringes the principle of free and fair elections and violates Article 14 of the Constitution
2. Whether the non-disclosure of information on voluntary contributions to political parties under the Electoral Bond Scheme and the amendments to Section 29C of the RPA, Section 182(3) of the Companies Act and Section 13A(b) of the IT Act are violative of the right to information of citizens under Article 19(1)(a) of the Constitution.

Electoral bonds LIVE updates: Here is what the All India Bar Association (AIBA) mentioned in its letter to Chief Justice of India DY Chandrachud regarding the disclosure of donor details in the “electoral bond scheme”-

• There is a possibility that corporate donors could be targeted by political parties that received fewer or no contributions from them, leading to potential harassment if the names and donation amounts are disclosed.

• This disclosure would violate the promise made to donors when they voluntarily contributed.

• At the time of donation, corporate donors were aware that their identity, donation amount, and recipient party details would remain confidential.

• This confidentiality provision was established to protect donors from victimisation by political parties to whom they did not donate under the scheme.

Electoral bonds LIVE updates: The All India Bar Association (AIBA) penned a letter to the Chief Justice of India (CJI) on Thursday, urging a suo motu review of the Judgment concerning the electoral bonds scheme, specifically focusing on the disclosure of donors' identities and contributions, news agency ANI reported.

Adish Aggarwala, the Chairman of AIBA and also the President of the Supreme Court Bar Association (SCBA) and former Vice-Chairman of the Bar Council of India (BCI), said that disclosing the names of corporate donors and the amounts of their contributions “could potentially expose them to victimisation.”

Electoral bonds LIVE updates: Congress leader Manickam Tagore attacked the ruling BJP today, saying that the party tried its best to delay the disclosure of electoral bond details, news agency ANI reported. Here is more of what he said -

• Manickam Tagore remarked that the BJP had attempted to delay the disclosure of Electoral Bonds but was compelled to do so following a Supreme Court order.

• According to him, this revelation indicates a pattern wherein among the 1,300 companies purchasing electoral bonds, ₹6,000 crores were directed to the BJP. He suggested that this pattern suggests a potential scam, pointing out that the donating companies have subsequently received projects.

• Regarding the appointment of election commissioners, he noted that the Election Commission previously had independent commissioners. Tagore further said since the rise of PM Modi and Amit Shah in Delhi, there has been a concerted effort to influence and control the Election Commission, which is evident in the appointment of loyalists to the commission.

Electoral bonds LIVE updates: The largest donations came from Future Gaming and Hotel Services Private Limited, managed by Santiago Martin, famously known as the "Lottery King".

• Between 2019 and 2024, Future Gaming and Hotel Services Private Limited contributed ₹1368 crore.

• Santiago Martin's journey began as a labourer in Yangon, Myanmar. Upon returning to India in 1988, he launched a lottery business in Tamil Nadu. Over time, he expanded operations to Karnataka, Kerala, and eventually the northeast.

• Since 2019, the Enforcement Directorate (ED) has been investigating the company for alleged violations of the PMLA law. Raids were conducted in Coimbatore and Chennai in May 2023.

Electoral bonds data LIVE updates: After the State Bank of India (SBI) disclosed data on the electoral bonds issued by various private firms to fund political parties, Rajya Sabha MP and senior advocate Kapil Sibal today said that a Special Investigation Team probe must be ordered on this and also questioned the funds allocated to PM-CARES, launched during the Covid-19 pandemic.

“Like it was done in 2G case, where an SIT was made, in this case also an SIT should be constituted to probe the matter. We have to see how the law will see it now...It should also be found out who donated to the PM-CARES. It's a matter of investigation which party got how many funds,” he was quoted as saying by news agency ANI.

Electoral bonds data LIVE updates: The Election Commission of India (ECI) uploaded the list of electoral bonds issued from April 2019 to February 2024 on Thursday. Here is the list of the top 10 donors -

1. Future Gaming and Hotel Services PR - ₹ 1,368 crore
2. Megha Engineering & Infrastructures Ltd - ₹ 966 crore
3. Qwik Supply Chain Pvt Ltd - ₹ 410 crore
4. Vedanta Ltd - ₹ 400 crore
5. Haldia Energy Ltd - ₹ 377 crore
6. Bharti Group - ₹ 247 crore
7. Essel Mining & Industries Ltd - ₹ 224 crore
8. Western UP Power Transmission Company Ltd - ₹ 220 crore
9. Keventer Foodpark Infra Ltd - ₹ 195 crore
10. Madanlal Ltd - ₹ 185 crore

Electoral bonds data LIVE updates: Before delving into the intricate details of the 'electoral bonds' topic, which we have been hearing so much about lately, let's take a brief look at what has happened…

• Former finance minister Arun Jaitley announced the electoral bonds scheme during the 2017 Budget session. It was officially notified in January 2018 as a method of political funding through money bills amending the Finance Act and the Representation of the People Act.

• However, last month, the Supreme Court declared the scheme unconstitutional, leading to its annulment. Subsequently, the court requested the State Bank of India (SBI) to provide details of electoral bonds issued by various private entities.

• On Tuesday, the SBI submitted the electoral bond details to the Election Commission, following the court's rejection of the bank's plea for an extension.

• Additionally, the Supreme Court directed the Election Commission to publish the information shared by the bank on its official website by 5 pm on March 15.

Electoral bonds data LIVE updates: The Supreme Court today said that the State Bank of India (SBI) ought to have revealed the “unique alphanumeric identifiers” of the electoral bonds received by political parties.

In response to an application by the Election Commission (EC) seeking a modification of its March 11 order in the electoral bonds case, a five-judge Constitution bench, led by Chief Justice D Y Chandrachud, directed the court registrar (judicial) to ensure the scanning and digitisation of data previously submitted by the EC in a sealed cover.

This process is bound to be completed by 5 pm on Saturday, after which the original documents will be returned to the EC.