MUMBAI: Sixty-six
companies
registered in the Mumbai region collectively purchased
electoral bonds
totalling Rs 1,344 crore since 2019, accounting for 11% of the total bonds
purchased
nationally, according to an analysis by TOI.
The
contributions
range from Rs 2 lakh to Rs 410 crore. Among the buyers are builders, pharma companies, path labs, diamond firms, investment and trading firms and tech companies headquartered in Mumbai, Thane and Navi Mumbai. Data from SBI, published by EC, reveals that even small businesses have purchased the bonds. Notably, a lot of them were bought in 2019, with several purchases occurring on a single day.
Major contributions also came from other districts, including Pune, Nashik and
Kolhapur
, collectively adding up to at least Rs 218 crore and taking total number of purchasing firms in the state to 76. Maharashtra’s share in electoral bonds purchased rises to Rs 1,562 crore, amounting to up to 13% of the Rs 12,156 crore worth bonds bought across India. TOI’s analysis doesn’t include those purchased by
individuals
based in Mumbai & few companies whose registration details were not readily available.
Shailesh Gandhi, former Central Information Commissioner and an RTI activist, said Mumbai’s contribution of 10% seems conservative given the city’s status as the
financial capital
and that its commercial representation could range from 20-30%. “The list points towards two potential interpretations. Firstly, it could indicate lower levels of
extortion
in Mumbai, leading to potentially lower quid pro quo for businesses. Secondly, there’s a strong possibility that companies may have made donations through shell firms,” he added. Central data shows the city contributes to a third of the country’s I-T collection.
Prominent Mumbai-registered companies listed include Vedanta, Qwik Supply Chain, Cipla, Inorbit Malls, Omkar Realtors, Glenmark Pharmaceuticals, Piramal, Sula. Qwik Supply Chain Private Ltd, a warehouse and storage company registered in Navi Mumbai, was the highest contributor, having bought bonds of Rs 410 crore.
Vedanta Ltd, a mining multinational registered in Andheri that was keen on a foray into the semiconductor business, closely follows as the second highest contributor, with purchases worth over Rs 400 crore. Third highest donor was Piramal Group (Rs 48 crore), followed by Cipla Ltd (bonds worth Rs 39.2 crore bought between July and Oct 2019), around the time of the Maharashtra elections.
Sula, a leading winery with vineyards in Nashik, procured bonds worth Rs 25 lakh.
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