Rs 631 Crore Missing from Electoral Bonds Data- What Really Happened?

Companies purchased a total of 18,871 bonds, political parties redeemed 20,421 bonds, leaving a gap of 1,550 bonds.

In a recent move towards transparency, the Election Commission of India (ECI) released data on electoral bonds, exposing the intricacies of political funding in the country. This development comes in the wake of a Supreme Court directive to disclose such information, sparking debates on the transparency and accountability of political contributions.

Future Gaming and Hotel Services: The Controversial Leader

Standing out as the largest buyer of electoral bonds, Future Gaming and Hotel Services, led by "Lottery King" Santiago Martin, raised eyebrows with contributions amounting to Rs 1,208 crore from 2019 to 2024. Martin's journey from a labourer in Myanmar to a prominent businessman adds a layer of intrigue to this already controversial scenario.

Missing Links in the Data?

A puzzling disparity emerges from the data provided by the State Bank of India (SBI). While companies purchased a total of 18,871 bonds, political parties redeemed 20,421 bonds, leaving a gap of 1,550 bonds. This raises questions about the accuracy and completeness of the data.

Unmatched Values: The Rs 613 Crore Question

Another anomaly surfaces when comparing the value of bonds purchased by companies and the value redeemed by political parties. The data suggests that political parties redeemed more value (Rs 613 crore) of electoral bonds than the total purchased, a scenario deemed practically impossible.

Notable Contributors and Recipients

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

Among the BSE companies, only seven out of the 30 Sensex firms purchased 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). This suggests a selective participation among major firms in this aspect of political funding.

Political Parties and their Receipts

Among political parties, the BJP led by PM Modi received over Rs 6,000 crore, making it the highest recipient. The Trinamool Congress (TMC) led by Mamata Banerjee 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.

A Call for Stringent Regulations

The release of electoral bonds data has ignited conversations about the transparency and accountability of political funding in India. The substantial contributions and recipients underscore the urgent need for stricter regulations and enhanced oversight in this critical aspect of democratic processes.

Disclaimer: The article is for informational purposes only and not investment advice.