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Electoral bonds: 10 biggest revelations as SBI, Election Commission release detailed data
The Election Commission of India (ECI), on March 14, released detailed data on electoral bonds regarding donations to political parties. The SBI earlier submitted it to the ECI. Let's take a look at the 10 biggest revelations
The Election Commission of India (ECI), on March 14, released detailed data showing all the companies, from famous big businesses to lesser-known ones, that bought electoral bonds to donate to political parties.
SBI Electoral Bonds data LIVE updates
The State Bank of India (SBI), as per the Supreme Court’s directive, earlier submitted the data to the ECI. Let’s take a look at 10 key takeaways.
1. Future Gaming and Hotel Services, not widely recognised in the public eye, emerged as the top purchaser of electoral bonds, with an investment of ₹1,368 crore. This figure surpasses contributions from many notable corporate entities. Future Gaming was under scrutiny by the Enforcement Directorate (ED) in March 2022.
2. Among the top donors were industry giants such as steel magnate Lakshmi Mittal, telecommunications behemoth Bharti Airtel led by Sunil Bharti Mittal and mining conglomerate Vedanta headed by Anil Agarwal. Other renowned firms include ITC, Mahindra and Mahindra, DLF, PVR, Birla, Bajaj, Jindal, Spicejet, IndiGo and the Goenkas.
3. Other donors include Grasim Industries, Megha Engineering, Piramal Enterprises, Torrent Power, DLF Commercial Developers, Vedanta Ltd., Apollo Tyres, Edelweiss, Keventer, Sula Wines, Welspun, Sun Pharma, Vardhman Textiles, Jindal Group, Phillips Carbon Black Limited, CEAT tyres, Dr Reddy’s Laboratories, Kaypee Enterprises, Cipla and Ultratech Cement.
4. The ruling Bharatiya Janata Party (BJP) benefited the most, securing ₹6,566 crore (54.77% of the total donations) in donations through the electoral bonds. It was way ahead of its closest competitor, the Congress party, which received ₹1,123 crore (9.37%). Mamata Banerjee’s Trinamool Congress, which operates primarily in West Bengal, received ₹1,092 crore (9.11%).
5. Other parties that redeemed electoral bonds include AIADMK, BRS, Shiv Sena, TDP, YSR Congress, DMK, JD-S, NCP, JDU, RJD, AAP, the Samajwadi Party, Jammu and Kashmir National Conference, BJD, Goa Forward Party, Maharashtrawadi Gomantak Party, Sikkim Krantikari Morcha, JMM, Sikkim Democratic Front and the Jana Sena Party.
6. Individual donors included Biocon founder Kiran Mazumdar Shaw, Varun Gupta, B K Goenka, Jainendra Shah and one person known only by the first name of Monika.
7. Mumbai-based Qwik Supply Chain Pvt Ltd bought bonds worth ₹410 crore and Haldia Energy ₹377 crore. Ghaziabad-based Yashoda Super Speciality Hospital bought 162 bonds, mostly of ₹1 crore each. Bajaj Auto bought bonds worth ₹18 crore, Bajaj Finance ₹20 crore, three IndiGo firms ₹36 crore, Rahul Bhatia of IndiGo bought bonds worth ₹20 crore and Spicejet ₹65 lakh.
8. The bonds were purchased between April 1, 2019 and February 15 this year. Out of 22,217 electoral bonds, 22,030 were redeemed by political parties. The bonds that had not been encashed by political parties within 15 days were transferred to the Prime Minister’s National Relief Fund, the SBI said.
9. Reliance Industries, helmed by Mukesh Ambani, and Adani Group, led by Gautam Adani, did not make the list of donors. These are two of India’s biggest conglomerates.
10. Following the release of the electoral bonds data, Congress flagged discrepancies. The donors’ file has 18,871 entries, while the recipients’ file has 20,421 entries, it said. The Supreme Court, on March 15, issued notice to the SBI for not furnishing electoral bond data with ‘unique' alpha-numeric numbers. The bank has to respond on March 18.
(With agency inputs)
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Business NewsNewsIndiaElectoral bonds: 10 biggest revelations as SBI, Election Commission release detailed data
First Published:15 Mar 2024, 07:10 AM IST
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