Who paid the parties: Infrastructure, construction, mining, pharma companies dominate donor list

The total amount donated under the scheme from April 1, 2019 to February 15, 2024, was Rs 12,156 crore, of which almost half came from the top 20 donors alone, the data provided by the State Bank of India to the ECI showed.

What is missing, however, is the unique bond number against each purchase and encashment, which would have revealed who donated how much to political parties.

A large number of donors, and definitely more three-fourth of the top 20 donors, operate in sectors where resources are scarce, are controlled by the government, or require licences and clearances from various government agencies. These businesses range from mining and metals, energy and telecom to drugs and pharmaceuticals, and real estate and construction.

Cumulatively, the top 20 donors accounted for Rs 5,830 crore, which is almost 48 per cent of the total bonds purchased between April 2019 and February 2024.

The top 20 electoral bond purchasers

The Donor Number 1 is Future Gaming, a lottery company owned by Chennai-based Santiago Martin, which purchased bonds worth Rs 1,368 crore, followed by Megha Engineering and Infrastructure Ltd, promoted by PP Reddy and PV Krishna Reddy, which bought Rs 966-crore worth bonds. At Number 3 is Qwik Supply Chain Pvt Ltd with Rs 410 crore in bond purchases.

Three companies from West Bengal, Keventer Food Park Infra Ltd, MKG Enterprises Ltd and Madanlal Ltd, which are related to each other, together bought bonds worth Rs 578 crore.

Several companies that have purchased bonds have faced action by investigative agencies like the Enforcement Directorate and Central Bureau of Investigation, or have faced Income-Tax raids or surveys.

The Election Commission data also provided details of the electoral bonds redeemed by political parties. While the Bharatiya Janata Party encashed bonds to the tune of Rs 6,061 crore, or over 47 per cent of the total issued, Trinamool Congress redeemed Rs 1,609 crore, and Congress Rs 1,421 crore.

The Electoral Bond scheme, notified in January 2018, allowed individuals and companies to make donations to political parties. Essentially in the nature of a bearer instrument, it provided anonymity to its holders, and was hence challenged in the Supreme Court. On February 15 this year, the top court termed it “unconstitutional” and scrapped the scheme with immediate effect. It also directed SBI, the sole issuing authority, to provide all details of bond purchasers and their redemption to the ECI, which has been made public Thursday.

(With inputs from ADYA GOYAL, SUKHMANI MALIK)

Full list of donors, as disclosed by State Bank of India and made public by the Election Commission.