The Supreme Court’s recent criticism of State Bank of India for withholding data on electoral bonds has sparked concerns over transparency in political funding. As SBI faces pressure to disclose the bond numbers, Megha Engineering emerges as a significant player, donating a staggering Rs 1,186 crore and raising questions about corporate influence in Indian politics.
In a recent development, the Supreme Court has reprimanded the State Bank of India for its lack of transparency in sharing data regarding electoral bonds. The Court has issued orders for SBI to disclose the electoral bond numbers in order to establish a connection between donors and political parties. This move comes after concerns were raised about the anonymity of donations to political parties through electoral bonds without any disclosure.
The Supreme Court had previously struck down the electoral bond scheme citing concerns about transparency and the potential for quid pro quo. Now, the Election Commission is demanding complete data disclosure, and SBI will be required to explain the lapse during an upcoming hearing scheduled for March 18. It is expected that the electoral bond data will be made public once SBI shares it with the poll panel.
On a related note, Megha Engineering, valued at an impressive Rs 67,500 crore, has emerged as one of India’s top unlisted companies. The company reportedly donated a substantial amount of Rs 966 crore through electoral bonds to various political parties between April 2019 and January 2024. Additionally, its subsidiary, Western UP Power Transmission Co Ltd, also purchased electoral bonds amounting to Rs 220 crores during the same period.
Megha Engineering, along with Future Gaming, stood out as the largest political donors, acquiring electoral bonds worth Rs 1,168 crore and Rs 1,368 crore respectively. Established in 1989, Megha Engineering has undertaken significant projects such as the Zoji La tunnel and the Thane-Borivali tunnel in Mumbai. Currently, the company is involved in constructing the Bandra-Kurla Complex station for India’s first bullet train project.
It is worth noting that Megha Engineering also owns regional news channels under the TV9 brand. The company’s founder, P Pitchi Reddy, boasts a net worth of Rs 37,300 crore, placing him among India’s wealthiest individuals. According to an Axis Bank-Hurun India report, Megha Engineering is recognized as one of India’s top-performing unlisted companies, further solidifying its position in the business landscape.
