Corporate giants in India have made significant contributions to the Electoral Bonds scheme, according to recent reports from the Reporters’ Collective. Major entities including Reliance, Kotak Mahindra, and the Aditya Birla Group have emerged as top donors, raising questions about their influence in political circles.
Attention now shifts to the anticipated release of 'unique numbers' by the State Bank of India (SBI) on Monday, expected to shed light on the specific entities that contributed to which political parties.
The data available on the Election Commission (EC) portal covers the period from April 12, 2019, to January 2024, amounting to a total funding of Rs 12,769 crore via electoral bonds.
These revelations have sparked considerable interest within business and political circles, analysts note.
Qwik Supply Chain Private Limited, a lesser-known company associated with Reliance Industries, has drawn attention due to its substantial donations. Despite no listed firms from the Reliance Group appearing among political donors per the EC list, Qwik Supply Chain emerged as the third-largest donor via electoral bonds.
Reportedly purchasing electoral bonds worth Rs 410 crore in FY 2021-22 and 2023-24, the company is linked with Hyderabad-based Megha Engineering and Infra, which procured bonds worth Rs 966 crore.
Qwik Supply Chain, registered at Navi Mumbai’s Dhirubhai Ambani Knowledge City (DAKC), denies any Reliance affiliation or subsidiary status.
Founded in 2000, Qwik Supply, engaged in manufacturing warehouses and storage units, reported revenues exceeding Rs 500 crore in 2022-23. Notably, the company acquired electoral bonds worth Rs 360 crore in 2021-22 and an additional Rs 50 crore in 2023-24.
Another Reliance-backed entity, Honeywell Properties Private Limited, reportedly purchased electoral bonds worth Rs 30 crore in 2021. Noteworthy is the presence of Satyanarayanamurthy Veera Venkata Korlep, a director of this company, on the boards of several Reliance Group firms.
Sun Pharma Laboratories Limited donated about Rs 31.5 crore to political parties during the financial year 2019-20. Vedanta Group emerged as the fourth-largest contributor to political parties via electoral bonds, while Grasim Industries, a flagship of the Aditya Birla Group, also featured among the top 100 donors, contributing Rs 33 crore via bonds.
The Aditya Birla Group collectively donated Rs 534 crore, including contributions from Essel Mining and Industries Limited, Utkal Alumina International Limited, Ultratech Cement, Birla Carbon, and Birla Estate Pvt Ltd.
Billionaire banker Uday Kotak’s firm procured electoral bonds in three transactions, totaling Rs 60 crore from 2019 to 2021. These bonds were purchased by Mumbai-based Infina Finance, jointly owned by Kotak Mahindra Bank and the Kotak family.
While the list of electoral bond purchasers is extensive, certain findings by the Reporters’ Collective have drawn significant attention. Laxmidas Vallabhdas Merchant, among the few individual donors, contributed Rs 25 crore and ranked among the top 100 donors. His LinkedIn profile identifies him as the Group Controller of Reliance Group, overseeing tax compliance.
The Reporters’ Collective reported that three of the top 15 electoral bond donors belong to the conglomerate Keventer Group, collectively contributing around Rs 500 crore.
Keventer Foodpark Infra Pvt Ltd led with a purchase of Rs 195 crore, followed closely by Madanlal Ltd with Rs 185.5 crore. Megha Engineering and Infrastructure Limited emerged as the second-largest donor, procuring bonds worth Rs 966 crore since 2019.
Other notable donors include Wonder Cement, Future Gaming, and Chennai Green Woods Private Limited, with significant contributions through electoral bonds.
According to Supreme Court guidelines, the EC website posts the list of donors who purchased electoral bonds and the political parties that redeemed them.
Among the parties that redeemed electoral bonds are the BJP, Congress, AIADMK, Shiv Sena, TDP, YSR Congress, DMK, JD-S, NCP, Trinamool Congress, JD-U, RJD, AAP, Samajwadi Party, Jammu and Kashmir National Conference, and the BJD, among others.
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