Anand Rathi Wealth Sets Buyback Price at ₹4,450 as Stock Surges; SBI Refuses to Disclose Legal Fees in Electoral Bonds Case

Anand Rathi Wealth has announced its decision to repurchase shares amidst a remarkable rally in its stock price, which has surged by five times over the past year. The company has fixed the buyback price at ₹4,450 per share, representing a substantial 9.9% premium over Friday’s closing price. With the stock already up by 60% since the beginning of the year, the buyback offer reflects the company’s confidence in its future prospects and commitment to enhancing shareholder value.

Meanwhile, the State Bank of India (SBI) has stirred controversy by refusing to disclose information regarding the legal fees paid to advocate Harish Salve for representing the bank in the electoral bonds case. In response to an RTI query filed by activist Ajay Bose, SBI cited exemptions under the RTI Act, stating that the details sought are classified as third-party personal information held in a fiduciary capacity and are of commercially confidential nature.

Ajay Bose has contested SBI’s decision, arguing that the fees paid to the advocate constitute taxpayers’ money and should be subject to public scrutiny. However, SBI maintains that the disclosure of such information is exempted under Section 8(1)(e) & (j) of the RTI Act, which pertains to matters of commercial confidence and fiduciary capacity.

The refusal by SBI to disclose the legal fees has drawn criticism, particularly in light of the Supreme Court’s stance on electoral bonds. The court had previously deemed electoral bonds as unconstitutional and arbitrary, expressing dissatisfaction with SBI’s reluctance to provide comprehensive information. The court’s observations underscore the importance of transparency and accountability in matters of public interest, urging institutions to prioritize disclosure in the larger public interest.

Electoral bonds, before being struck down, provided a means for individuals to contribute funds to political parties anonymously. However, the scheme faced scrutiny for enabling political parties to circumvent disclosure requirements to the Election Commission. SBI’s role in facilitating the sale and redemption of electoral bonds has been subject to intense scrutiny, with calls for greater transparency and accountability in the handling of public funds.

As the controversy surrounding electoral bonds and SBI’s disclosure practices continues, the issue highlights the broader debate surrounding transparency, accountability, and the role of financial institutions in upholding democratic principles.

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