RBI Issues Circular On Levying Unfair Interest Charges On Customers

It is being reported that billionaire, Mukesh Ambani’s,  Reliance Industries Limited (RIL) had bought electoral bonds through an unlisted company, Qwik Supply Chain Private Limited. This little know company is being linked with RIL on three grounds.

First, the director of this corporate, Tapas Mitra, also works with the same designation with one of RIL’s subsidiaries,  Reliance Eros Productions LLP. Second, the registered address of this corporate is in Navi Mumbai’s Dhirubhai Ambani Knowledge City (DAKC). And third, Mitra is also director of another corporate, Jamnagar Kandla Pipeline, which shares its registered address with various other Reliance companies, such as Reliance Paging Private Limited, Jamnagar Ratlam Pipeline Private Limited, Reliance Tankages Private Limited and Reliance Oil and Petroleum Private Limited. With all these information, it cannot be established that RIL invested in electoral bonds via other companies, but it can be concluded that Mitra can be the connecting link between RIL and Qwik Supply which donated money to the political parties via the bonds.

Reliance has outrightly denied having any links with Qwik Supply Chain Private Limited. A Reliance Industries spokesperson in response to a detailed questionnaire, said: “Qwik Supply Chain Pvt Ltd is not a subsidiary of any Reliance entity.”

Qwik Supply Chain Private Limited is manufacturer of warehouses and storage units. The corporate  has emerged as the third largest donor to political parties via electoral bonds. It bought Rs 410 crore of electoral bonds between financial years 2021-22 and 2023-24.

According to data released by the Election Commission, a lottery company, Future Gaming and Hotel Services has emerged  as highest donor to political parties. Future Gaming and Hotel Services holds this position with Rs 1,368 crore worth of  donations.

Which other companies donated via electoral bonds?

From the who’s who of the corporate world to low-profile businesses, political parties got donations via the electoral bonds from every corner. The high profile names encompass steel tycoon Lakshmi Mittal, Sunil Bharti Mittal’s Airtel, Anil Agarwal’s Vedanta, ITC, Mahindra and Mahindra, etc. While, Spicejet, IndiGo, DLF Commercial Developers, Apollo Tyres, CEAT tyres, Edelweiss, PVR, Keventer, Sula Wines, Sun Pharma, Cipla, Ultratech Cement, Dr Reddy’s Laboratories are among the names of other big corporate donors.

More than half of donations via electoral bonds to BJP alone

Out of total donation of more than Rs 16,000 crore  received by political parties, BJP got more than half of donation amounting to more than Rs 6,000 crore or 54 per cent. Second highest receiver has been Congress. AAP also got some contributions.