New firms bought crores of electoral bonds within months of formation

Of them, four firms, all established in 2023 in Hyderabad, bought bonds worth crores of rupees only a few months after getting started

March 16, 2024 08:25 pm | Updated 10:15 pm IST - Chennai

Representative illustration.

Representative illustration. | Photo Credit: Aakash Dhage/Unsplash

At least 43 firms newly incorporated in the year 2018 or later have bought electoral bonds worth over Rs 384.5 crore. Of them, four companies, all established in 2023 in Hyderabad, bought bonds worth crores of rupees, just a few months after getting established. As many as nine firms in 2020 and eleven companies in 2021, which were formed in the middle of the pandemic, had cumulatively purchased bonds worth close to Rs 100 crore, in just one or two years after getting formed.

The company information and date of incorporation are based on the Ministry of Corporate Affairs’ (MCA) database. The names of the companies which had purchased electoral bonds were matched with names of the firms available in the MCA database to draw out the list of newly incorporated firms. 

Sole transaction

Two companies in Hyderabad —Tsharks Infra Developers Private Limited and Tsharks Overseas Education Consultancy Private Limited — both incorporated in 2023 have the same Director and Managing Director. The former was established on March 26, 2023 and the latter on May 29, 2023.

Just three months after the first company was started and barely one month after the second company was incorporated, on July 12, 2023, the firms cumulatively purchased electoral bonds worth Rs 7.5 crore, their only such transaction. According to the information available in the company website, they are in the real estate business. 

Watch | Electoral bonds: Who were the biggest donors?

A similar trend can be observed across many companies or partnerships. Another firm registered in Hyderabad — Bain Global Resources LLP — which was formed on May 26, 2023, bought bonds worth Rs 5 crore just four months later on October 9, 2023. Vasavi Avenues LLP, also registered in Hyderabad which was incorporated on April 6, 2023, bought bonds worth Rs 5 crore, just three months later on July 12, 2023. Puttogether these four firms had purchased bonds worth Rs 17.5 crore.

Purchases Shortly after formation

Some newly incorporated firms have purchased bonds worth more than Rs 20 crore within just two years of being incorporated.

For instance, Askus Logistics Private Limited, which was formed on November 25, 2021 in North 24 Parganas, West Bengal, bought bonds worth 22 crores between April 12, 2023 and January 10, 2024. The first transaction took place just a year and four months after formation. Aparna Farms and Estates LLP, formed in Hyderabad on August 18, 2020 bought bonds worth Rs 30 crore on two dates (Rs 15 crore each) — October 12, 2023 and November 20, 2023 — the first of which was bought barely three years after formation.

Akshat Greentech Private Limited which was formed in December 2020 in Hyderabad, bought bonds worth Rs 5 crore within three years of incorporation. Notably, Yashoda Super Speciality Hospitals which had purchased bonds worth Rs 162 crore was incorporated only in April 2019, according to the MCA database. 

(With inputs from Kunal Shankar)

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.