Will CJI And Indian Judiciary Take Any Action Against Companies Such As Megha’s Rs 600 Cr Biggest Single Donation To BJP And Others Who Got Clean Chit After Extortion Via Electoral Bonds?
Recent revelations have peeled back the layers of corporate influence and political manoeuvring, exposing a scandal of monumental proportions—electoral bonds. Even as the names of corporations that indulged and became conduits for corporate interests to hijack the democratic process come out, there is a glaring absence of two—Ambani And Adani. Also, as more data is dumped, there seems to be massive pressure to prevent the data from going public—Why? As the nation comes to terms with the ramifications of these revelations, questions of integrity, accountability, and the very essence of democracy hang in the balance as democracy is hijacked by those in power and those who want to be in power, leaving the common citizens at a loss.
Electoral Bonds—Even as corporates and political parties, such as the BJP, Congress, and the likes, seem to have hijacked Indian democracy, can the CJI and the Indian judiciary do anything to reassure the country’s citizens as more data is dumped and whopping sums of money paid as bribes come into the forefront?
The integrity of the electoral process and the undue influence wielded by corporate entities have sent the nation spinning.
Recent revelations paint a dirty picture of some of India’s largest, known, and not-so-known corporations dabbling in the electoral bond market, with eye-watering figures being thrown around like confetti at a lavish party.
In a democracy purportedly built on principles of transparency and fairness, the unsettling revelation of corporations funnelling exorbitant sums into electoral bonds has raised grave concerns, particularly about the Narendra Modi and Amit Shah-led BJP government.
These revelations paint a damning portrait of a system where corporate interests intertwine with political manoeuvrings, blurring the lines between governance and vested interests.
And those who still argue that the electoral bond scheme was purportedly designed to safeguard anonymity and curb corruption and somehow provide a legal ambit to give donations (bribes, as was being done all through) should perhaps dig deeper, for it appears to be a conduit for vested interests to subvert democratic processes, with corporations leveraging their financial muscle to influence political outcomes to their advantage.
Mr. Modi.
At the center of this scandal lies the Bharatiya Janata Party (BJP), led by Narendra Modi and Amit Shah, whose coffers have been generously filled with the spoils of corporate generosity.
Take the case of Megha Engineering & Infrastructures; the ruling Bharatiya Janata Party (BJP) received a significant contribution of about Rs 600 crore through electoral bonds, marking the largest single donation via this method.
This substantial sum was followed by contributions from Quik Supply Chain Management Ltd (Rs 375 crore), the Vedanta Group (Rs 236 crore), and the Bharti Group (Rs 230 crore).
These details surfaced from an analysis of data provided by the State Bank of India (SBI) on electoral bonds, as per the Supreme Court’s directive.
Subsequently, the SBI relayed this information to the Election Commission of India (ECI), which promptly made the data available on its website.
The Vedanta Group emerged as the leading contributor to the Congress, providing Rs 125 crore, with other notable donors being Western UP Power Transmission Co (Rs 110 crore) and MKJ Enterprises (Rs 69 crore).
The Unique Identification
This recent data release included unique alphanumeric identifiers on the bonds, aiding in establishing the identities of both donors and recipients.
The electoral bond scheme has disproportionately benefited the ruling BJP, accumulating a substantial Rs 6,061 crore since April 2019.
Trailing behind is the Trinamool Congress at Rs 1,610 crore, with the Congress receiving Rs 1,422 crore.
Future Gaming Group stands out as the most prolific purchaser of bonds, acquiring Rs 1,368 crore, with major beneficiaries including the DMK, Trinamool Congress, YSR Congress Party, and the BJP.
After the BJP, the Bharat Rashtra Samithi (BRS), formerly the Telangana Rashtra Samithi, emerged as the next significant beneficiary.
In terms of total bond purchases, Quik Supply Chain ranked second after Future Gaming, investing Rs 410 crore, followed closely by Vedanta at Rs 400 crore, and Haldia Energy at Rs 377 crore.
Meanwhile, the Trinamool Congress received electoral bonds from both Future Gaming and Haldia, while the Biju Janata Dal’s top donors were Essel Mining and Jindal Steel.
Individual contributors also played a significant role, with Santiago Martin, known as the “Lottery King,” being among the largest donors through his firm Future Gaming.
Notable individual donors include Lakshmi Niwas Mittal of the ArcelorMittal Group, Rahul Bhatia of IndiGo, Kiran Mazumdar-Shaw of Biocon (who is already in legal trouble), and Rajesh Agarwal of the Ajanta Pharma Group.
Pulling Down Precious Financial Institution
The State Bank of India, the sole seller of electoral bonds, faced legal challenges as the Supreme Court declared the scheme unconstitutional in mid-February.
Following court orders, SBI shared two comprehensive lists with the poll panel, containing details of electoral bond purchases and redemptions spanning several years.
SBI filed an affidavit affirming compliance with the Supreme Court’s directives, stating that all relevant details had been disclosed, except complete bank account numbers and KYC details.
The Supreme Court’s intervention led to the striking down of the electoral bond scheme on February 15, with the SBI instructed to provide full details on instrument transactions by March 6.
Senior advocate Harish Salve, representing SBI, requested an extension of the deadline to June 30 from March 6 during a previous hearing.
When India’s Democracy Held Hostage
The scale of corporate donations, particularly to the ruling Bharatiya Janata Party (BJP), has raised serious questions about the transparency, accountability, and genuineness of Modi’s government.
The Supreme Court’s involvement in the disclosure of electoral bond data has shed light on the extent of corporate influence in Indian politics.
But what should be noted here is the State Bank of India’s (SBI) attempts to delay the release of this information under the guise of logistical constraints warrant strict scrutiny.
Their request for a deadline extension until June 30th, despite the availability of the data, smacks of deception and should not go unnoticed.
The reluctance of the SBI to disclose data on electoral bonds raises pertinent questions about their motives.
Why did they hire expensive legal counsel to delay the release of information? What vested interests were at play in withholding crucial data from the public eye?
Also, amidst the plethora of data, notable absences raise eyebrows.
The conspicuous absence of figures like Adani and Ambani begs the question – where do these influential conglomerates fit into this narrative?
Their omission from the disclosed data only adds fuel to the fire of suspicion surrounding the true extent of corporate involvement in electoral funding.
The inception of electoral bonds in 2019, hailed as a step towards curbing illegal funding to politicians and political parties.
However, the subsequent revelations paint a different picture. While it is unsurprising that the BJP, with its vast political footprint, received a significant portion of electoral bonds, the fervent efforts to conceal this information raise red flags.
Likewise, the astronomical sums donated by corporations, often surpassing their profits or net worth, blur the line between donation and bribery.
What is even more ironic is that these (bribes) have been paid even by companies that have reported losses; how and why is the money being allocated for these electoral bonds even as the public investors are held high and dry?
The Supreme Court’s role in this debacle also cannot be overlooked.
While electoral bonds may have been approved by parliament, their implications as a form of legalized bribery demand closer scrutiny. The notion of donations, traditionally associated with generosity, becomes tainted when corporations funnel exorbitant sums into political coffers, expecting favours in return.
The recent comments by a government minister, suggesting that elections require money, only serve to emphasise the urgent need for reform.
The integrity of India’s democracy hangs in the balance, and it is high time that decisive action is taken to restore faith in the electoral process and uphold the principles of transparency and fairness.
Whether the CJI and Indian Judiciary will oblige remains to be seen; until then, we, as citizens of this country, can just stare in amazement at the duplicity of it all!
