66 Mumbai-based firms bought electoral bonds worth Rs 1344 crore: Report
Sixty-six companies from the Mumbai region collectively purchased electoral bonds worth Rs 1,344 crore since 2019, constituting 11% of the total bonds purchased nationwide. These contributions varied from Rs 2 lakh to Rs 410 crore and came from diverse businesses, including builders, pharma companies, and tech firms
FollowSixty-six companies based in the Mumbai region collectively purchased electoral bonds amounting to Rs 1,344 crore since 2019, constituting 11 per cent of the total bonds purchased nationwide, according to a report by Times of India. These contributions varied from Rs 2 lakh to Rs 410 crore and were made by a diverse range of businesses including builders, pharma companies, path labs, diamond firms, investment and trading firms, and tech companies headquartered in Mumbai, Thane, and Navi Mumbai.
Data sourced from SBI and published by the Election Commission (EC) indicates that even small businesses participated in purchasing these bonds, with a significant number of transactions occurring in 2019, some on the same day.Â
Besides Mumbai, contributions also came from other districts such as Pune, Nashik, and Kolhapur, totalling at least Rs 218 crore and bringing the total number of purchasing firms in Maharashtra to 76. Maharashtra's share in electoral bonds purchased rose to Rs 1,562 crore, constituting 13 per cent of the nationwide total of Rs 12,156 crore.
However, the analysis conducted by Times of India does not include bonds purchased by individuals in Mumbai or a few companies for which registration details were not readily available.Â
Shailesh Gandhi, former Central Information Commissioner and RTI activist suggested that Mumbai's contribution of 10% might be conservative considering its status as the financial capital, with potential interpretations including lower levels of extortion leading to reduced quid pro quo for businesses or the possibility of companies making donations through shell firms.
Notable Mumbai-registered companies listed include Vedanta, Qwik Supply Chain, Cipla, Inorbit Malls, Omkar Realtors, Glenmark Pharmaceuticals, Piramal, and Sula. Qwik Supply Chain Private Ltd, a warehouse and storage company registered in Navi Mumbai, emerged as the highest contributor with bonds worth Rs 410 crore.Â
Vedanta Ltd, a mining multinational registered in Andheri, is closely followed as the second-highest contributor with purchases exceeding Rs 400 crore. The third-highest donor was Piramal Group with Rs 48 crore, followed by Cipla Ltd with bonds worth Rs 39.2 crore, acquired between July and October 2019, around the time of the Maharashtra elections. Sula, a leading winery with vineyards in Nashik, procured bonds worth Rs 25 lakh.
