Prominent industrial entities including Vedanta Group, Utkal Alumina, Jindal Steel, and Megha Engineering contributed a total of Rs 1,664 crore to various political parties via electoral bonds. On March 14, 2024, the Election Commission of India disclosed the details of electoral bonds bought and redeemed, complying with a Supreme Court directive, The State Bank of India provided the data.
The disclosure aimed to bring transparency to political funding, especially from firms facing environmental concerns. The data provided by the State Bank of India was segmented into bond purchasers and political parties’ withdrawals, preventing a direct correlation between specific firms and funded parties.
Vedanta Group: Rs 400.65 crore Contribution
The Vedanta group, a major industrial entity, has contributed Rs 400.65 crore through electoral bonds to various political parties. The group has faced environmental controversies, notably with its mining project in Odisha.
The proposed bauxite mining project near Niyamgiri hills led to significant opposition from local communities and environmentalists due to potential ecological damage and threats to tribal rights, Down to Earth Reported.
Despite receiving awards for environmental management, incidents like a red mud pond burst and clashes at its refinery in Lanjigarh have raised concerns.
Utkal Alumina International Limited: Rs 145 crore Contribution
Utkal Alumina International Limited contributed Rs 145 crore through electoral bonds to political parties. The company faced protests and legal challenges for its alumina refinery project in Odisha, with accusations of suppressing facts about forest land use.
Reports of human rights abuses and environmental concerns surrounding its mining activities have also emerged, leading to scrutiny from environmentalists and regulatory bodies.
Jindal Group: Rs 153 crore Contribution
The Jindal Group contributed Rs 153 crore through electoral bonds to political parties. The group has faced fines and opposition for environmental violations in its mining projects, notably in Chhattisgarh and Odisha. Local communities and activists have protested against land acquisition and environmental damage caused by the group’s projects, leading to legal battles and regulatory interventions.
Megha Engineering: Rs 966 crore Contribution
Megha Engineering, a Hyderabad-based company, emerged as the largest donor with a contribution of Rs 966 crore through electoral bonds to political parties. Despite its growth and involvement in major infrastructure projects like the Kaleshwaram Lift Irrigation Project and Zojila tunnel, the company has faced criticism and legal challenges for alleged environmental violations and lack of clearances for project expansions.
These contributions and controversies highlight the complex interplay between industrial interests, political funding, and environmental concerns in India’s development landscape. The disclosures shed light on the need for greater transparency and accountability in political financing and regulatory oversight to ensure sustainable and responsible business practices.
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