The Crossbill Team
As many as 20 new companies, in existence for less than three years purchased electoral bonds, against the prevailing law, a report published in The Hindu reveals. These 20 new companies purchased electoral bonds worth Rs 103 crore.
Under the prevailing law since 1985, companies less than three years in existence have been banned from making any political donations. The rule was made to prevent setting up shell companies for making political donations and using them for money laundering.
Out of 20 shell companies listed in the report, twelve have their headquarters in Hyderabad only. “Together these 12 companies donated Rs 7.5 crores, and close to 75% of which was encashed by the BRS, with the rest divided among the TDP, the Congress and the BJP,” the report says.
The Hindu report further reveals that at the time of the purchase of first electoral bond, five out of the 20 companies were less than one year old, seven of them completed one year in existence, while eight had completed two years in operation.
“At the time when they purchased their first electoral bonds, five of these firms were in existence for less than a year, seven of them were a year old and the eight others had only completed two years. Notably, many of these firms were started in 2019 when the Indian economy went through recession or during the middle of the pandemic and bought electoral bonds worth crores of rupees just months after incorporation,” quoted the newspaper.
Under the prevailing law since 1985, companies less than three years in existence have been banned from making any political donations. The rule was made to prevent setting up shell companies for making political donations and using them for money laundering.
Out of 20 shell companies listed in the report, twelve have their headquarters in Hyderabad only. “Together these 12 companies donated Rs 7.5 crores, and close to 75% of which was encashed by the BRS, with the rest divided among the TDP, the Congress and the BJP,” the report says.
The Hindu report further reveals that at the time of the purchase of first electoral bond, five out of the 20 companies were less than one year old, seven of them completed one year in existence, while eight had completed two years in operation.
“At the time when they purchased their first electoral bonds, five of these firms were in existence for less than a year, seven of them were a year old and the eight others had only completed two years. Notably, many of these firms were started in 2019 when the Indian economy went through recession or during the middle of the pandemic and bought electoral bonds worth crores of rupees just months after incorporation,” quoted the newspaper.
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