Financial Firms Bought Electoral Bonds Worth Rs 123 Crore

Several financial services companies, including Bajaj Finance, Piramal Enterprises, and Edelweiss Group, collectively purchased electoral bonds worth Rs 123 crore between April 1, 2019, and January 2024. This information was disclosed by the Election Commission of India on Thursday evening.

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Piramal Group's Significant Contribution

Piramal Enterprises, along with its subsidiaries PHL Finvest Pvt Ltd and Piramal Capital and Housing Finance, acquired electoral bonds amounting to Rs 60 crore during the specified period. This substantial investment made Piramal Group the largest contributor among the financial institutions.

Edelweiss Group and Bajaj Finance's Participation

Edelweiss Group also played a significant role by subscribing to electoral bonds worth Rs 40 crore through three of its entities. Meanwhile, Bajaj Finance purchased bonds valued at Rs 20 crore.

Muthoot Finance's Involvement

Muthoot Finance, a prominent gold loan financier, joined the list of purchasers by acquiring electoral bonds worth Rs 3 crore during the same period.

Recipient Political Parties Remain Undisclosed

Despite the disclosure of these transactions, the names of the political parties that received the electoral bonds remain confidential. Attempts to seek comments from the involved companies did not yield immediate responses.

Supreme Court's Intervention

The release of this information follows a directive from the Supreme Court of India. On Tuesday evening, the State Bank of India (SBI) submitted details of entities that had purchased electoral bonds and the political parties that received them to the Election Commission. This action was taken in compliance with the Supreme Court's order.

Electoral Bonds Scheme Scrapped

The Supreme Court delivered a landmark verdict on February 15, 2023, declaring the Centre's electoral bonds scheme unconstitutional. The scheme allowed anonymous political funding, which raised concerns about transparency and accountability. Consequently, the apex court ordered the Election Commission to disclose information about donors, the amounts donated, and the recipient political parties.

The disclosure of electoral bond purchases by financial firms highlights the involvement of corporate entities in political funding. While the identities of the recipient political parties remain undisclosed, the Supreme Court's intervention has brought transparency to the electoral bonds scheme, ensuring greater accountability in political financing.