On Thursday (14th March) Future Gaming and Hotel Services has emerged as the leading purchaser of electoral bonds, securing the top spot with a significant purchase value of Rs 1,368 crore.
NEW DELHI: Thursday (14th March): The latest data released by the Election Commission of India has revealed that Future Gaming and Hotel Services, led by lottery magnate Santiago Martin, emerges as the top purchaser of electoral bonds, acquiring bonds worth Rs 1,368 crore.
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Future Gaming and Hotel Services, based in Coimbatore and spearheaded by Santiago Martin, has secured the top spot among electoral bonds purchasers, with transactions totaling Rs 1,368 crore, as per recent data published by the Election Commission of India. The company’s prominence in the lottery industry adds weight to its financial influence within the political sphere.
Additionally, Megha Engineering Infrastructure Limited, a major infrastructure conglomerate headquartered in Hyderabad, secured electoral bonds worth Rs 966 crore. Qwik Supply Chain Private Limited, a Mumbai-based entity, also made significant contributions with electoral bonds worth Rs 409 crore.
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The data also exposes the extensive involvement of prominent political parties in the electoral bond scheme, with beneficiaries ranging from the Bharatiya Janata Party to the Congress, demonstrating bipartisan participation in this financial mechanism.
The election commission released a press release containing a hyperlink through which the information provided by the State Bank of India can be viewed. The commission divided the electoral bond details furnished by the State Bank of India into two sections. The initial section comprises details such as the purchaser’s name, date of purchase, and bond denomination, while the subsequent list includes information about the date of encashment, the political party’s name, and the bond denomination.
The Election Commission issued a press note on Thursday and referred to the directions of the Supreme Court while putting out the electoral bond data.
“In compliance with the Hon’ble Supreme Court’s directions, contained in its orders dated Feb 15 and March 11, 2024 (in the matter of WPC No. 880 of 2017), the State Bank of India (SBI) provided the data pertaining to the electoral bonds to the Election Commission of India (ECI) on March 12, 2024,” the press note said.
The poll panel said that it has “consistently and categorically weighed in favour of disclosure and transparency,” a position reflected in the proceedings of the Hon’ble Supreme Court and noted in the order as well.
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Various entities, including corporations and individuals, have contributed to this financial ecosystem, as evidenced by the list of donors encompassing diverse sectors such as finance, healthcare, and infrastructure. Such transparency empowers citizens to evaluate the integrity of political affiliations and activities, essential for upholding democratic principles.
The Chairman of the State Bank of India submitted an affidavit to the Supreme Court on Wednesday, stating that, in adherence to the court’s directive, details such as the purchase date, purchaser’s name, and bond denomination of each electoral bond have been provided to the Election Commission of India.
SBI clarified that the data pertains to bonds purchased and redeemed from April 12, 2019, to February 15, 2024, with a total of 22,217 bonds purchased during the period from April 1, 2019, to February 15, 2024.
Additionally, a five-judge Constitution bench led by Chief Justice DY Chandrachud, along with Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra, unanimously invalidated the electoral bonds scheme and related amendments to the Income Tax Act and the Representation of People Act, which had previously allowed for anonymous donations.
