7 Sensex companies spent over Rs 260 crore on electoral bonds

The Election Commission of India (ECI) recently released data on electoral bonds, shedding light on the sales and purchases of these controversial instruments. This move comes after the Supreme Court’s directive to make the information public. The disclosed details reveal significant contributions from various entities, including a company named Future Gaming and Hotel Services, raising questions about the transparency and accountability of political funding in India.

Future Gaming and Hotel Services

Future Gaming and Hotel Services emerged as the largest buyer of electoral bonds, with contributions totaling Rs 1,208 crore from 2019 to 2024. The company, led by “Lottery King” Santiago Martin, has a notable presence in the gaming and hospitality sectors. Martin’s journey from a labourer in Myanmar to a prominent businessman in India is a story of entrepreneurial success and ambition.

Other Major Donors

Megha Engineering and Infrastructures Limited followed as the second-largest donor, contributing Rs 821 crore, while Qwik Supply Chain Private Limited and Haldia Energy Limited stood out with contributions of Rs 410 crore and Rs 377 crore, respectively. Vedanta Limited also made a significant contribution of Rs 375.65 crore.

Corporate Contributions

Among the BSE companies, only seven out of the 30 Sensex firms were listed as purchasers of electoral bonds since April 2019. These included Bharti Airtel (Rs 183 crore), UltraTech Cement (Rs 24.5 crore), Mahindra & Mahindra (Rs 25 crore), Bajaj Finance (Rs 20 crore), Maruti Suzuki (Rs 20 crore), ITC (Rs 6.55 crore), and Tech Mahindra (Rs 1 crore).

Political Parties’ Receipts

The BJP led by PM Modi received over Rs 6,000 crore, making it the highest recipient among political parties. The Mamata Banerjee-led Trinamool Congress (TMC) received Rs 1,610 crore, followed by Sonia Gandhi-led Congress with Rs 1,422 crore. The Bharat Rashtra Samithi (BRS) led by K Chandrashekar Rao received Rs 1,215 crore, while the BJP led by Naveen Patnaik received Rs 776 crore.

Conclusion

The release of electoral bonds data has sparked discussions about the transparency and accountability of political funding in India. The significant contributions and recipients highlight the need for more stringent regulations and oversight in this crucial aspect of democratic processes.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.