List of companies which purchased electoral bonds after the ED raid

The recent disclosure of data by the Election Commission regarding electoral bonds has brought to light a concerning trend. The information, uploaded onto the EC's website on Thursday, a day ahead of the Supreme Court's mandated deadline, sheds light on the activities of top corporations and their involvement in political funding. Shockingly, among the top 30 companies purchasing electoral bonds between April 12, 2019, and January 24, 2024, at least 14 have come under scrutiny by central or state probe agencies.

Following Supreme Court orders, the State Bank of India (SBI) revealed details about the purchase and encashment of anonymous electoral bonds since 2019. The Election Commission (EC) also received directions to publish this data by March 15. This move aims to probe the political donations of 14 top companies and the related government actions.

Future Gaming and Hotel Services

Future Gaming and Hotel Services PR donated Rs 1,368 crore between October 21, 2020, and January 9, 2024, in increments of Rs 1 crore each.

On July 23, 2019, the Enforcement Directorate (ED) seized assets worth Rs 120 crore in an alleged money laundering case. The accused individual was charged with inflating prize money and acquiring properties using unaccounted cash, as reported by the Times of India.

Haldia Energy Limited

Sanjeev Goenka’s Haldia Energy Limited, ranked fourth in electoral bond donations, gave Rs 377 crore from October 2019 to January 2024. The company faced CBI scrutiny in March 2020. Before that, they donated Rs 15 crore in May 2019, bought Rs 1 crore in October 2019, and Rs 60 lakh in January 2020. After the CBI probe, they purchased over Rs 350 crore until January 2024.

Megha Engineering and Infrastructure Limited

Megha Engineering Infrastructure Limited, the second largest donor, purchased electoral bonds worth Rs 980 crore between April 12, 2019, and October 12, 2023. The company faced Income Tax Department raids in October 2019 but has since donated Rs 966 crore in electoral bonds.

The company has secured significant projects such as a crude oil project in Mongolia worth Rs 5,400 crore, the Thane-Borivali twin tunnel project in Mumbai worth Rs 14,400 crore, and a Rs 500-crore order from the Ministry of Defence. They also involve themselves in infrastructure projects like the Zojila tunnel in Jammu and Kashmir, Char Dham Rail Tunnel, and various expressways and economic corridors across India.

Chennai Greenwoods Private Limited

The Chennai Greenwoods construction firm ranked among the top 20 donors, purchased Rs 105 crore worth of electoral bonds. In July 2021, the firm was raided by Income Tax authorities, uncovering incriminating documents related to unaccounted transactions.

Yashoda Super Specialty Hospital

Yashoda Super-Speciality Hospital, the largest purchaser of electoral bonds, bought 162 bonds, with the highest value being Rs 80 crore in April 2022. Despite facing a raid by Income Tax (IT) officials in December 2020, the Hyderabad-based corporate hospital chain donated Rs 162 crore in electoral bonds in October 2021.

Vedanta 

Vedanta, ranked as the fifth largest buyer of electoral bonds, made headlines due to the controversial introduction of electoral bonds via the finance bill. The group collectively donated Rs 400 crore in electoral bonds. In August 2022, Vedanta Group company Talwandi Sabo Power Limited (TSPL) faced an ED raid in connection with a money laundering investigation.

DLF Commercial Developers Limited

DLF Commercial Developers Limited, a real estate developer, donated Rs 130 crore in electoral bonds. CBI officials raided their premises in January 2019 due to alleged land allotment irregularities. Later, in November 2023, the Enforcement Directorate (ED) conducted searches at the Gurugram offices of real estate firm Supertech as part of its ongoing investigation.

Dr. Reddy's Laboratories Limited

Dr Reddy's Laboratories has donated Rs 80 crore through electoral bonds. The company is known for marketing a diverse range of generic, branded generics, and biologics. In November 2023, IT officials raided Dr. K Nagendra Reddy of Dr. Reddy's Laboratories on tax evasion charges. Despite this, they are a major manufacturer of Active Pharmaceutical Ingredients (APIs). Notably, the government has emphasized indigenous API manufacturing during the pandemic, providing financial support through production-linked incentive schemes to companies engaged in this sector.

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