Mumbai's electoral bond love: 66 companies collectively bought Rs 1,344 crore of poll bonds since 2019
Mumbai region have collectively bought now-banned electoral bonds worth Rs 1,344 crore since 2019. This makes up 11% of all bonds bought in India, according to an analysis by TOI.
Contributions to the political parties via electoral bonds varied from Rs 2 lakh to Rs 410 crore. The buyers include builders, pharmaceutical companies, labs, diamond firms, investment and tech companies based in Mumbai, Thane, and Navi Mumbai. Even small businesses have bought these bonds, as shown by data from State Bank of India published by the Election Commission. Many were purchased in 2019, with multiple bought on a single day.
Other districts like Pune, Nashik, and Kolhapur have also made significant contributions, totaling at least Rs 218 crore. This brings the total number of purchasing firms in Maharashtra to 76. The state's share in electoral bonds was Rs 1,562 crore, around 13% of all bonds bought in India.
The analysis by TOI did not cover bonds bought by individuals in Mumbai or a few companies for which registration details were not readily available.
Shailesh Gandhi, a former Central Information Commissioner and an RTI activist, said that Mumbai's contribution of 10% appears modest considering the city's status as the financial capital. He suggested that its commercial influence could be higher, possibly ranging from 20% to 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,
