Following the release of the electoral bonds’ data, there have been claims on social media that a Pakistani business named HUB Power Company Limited purchased them, know if the company is based in Delhi, India or Pakistan
Electoral bonds have been a topic of much debate and speculation in Indian politics. Recently, there were claims on social media that a Pakistan-based company, HUB Power Company Limited (HUBCO), had donated money to Indian political parties through electoral bonds.
Is HUB Power Company Limited Pakistan or Delhi, India based and who is its owner after electoral bonds donations come forward
Many are falsely claiming 'Hub Power Company' is a Pakistan registered company.
NO, it's a Delhi based company. pic.twitter.com/I5aeTbiEe7— Mohammed Zubair (@zoo_bear) March 15, 2024
However, a recent investigation has revealed that the company in the electoral bonds controversy is actually HUB Power Limited which is an Indian company registered in Gandhi Nagar, Delhi, and not the Pakistan-based HUBCO.
According to the details of electoral bonds made public by the Election Commission, HUB Power Limited, the Indian compan, made political donations amounting to Rs 95 lakh on April 18, 2019, during the Lok Sabha elections in India. This revelation clears the confusion surrounding the alleged donations from a Pakistani company, as HUB Power Limited is an Indian entity.
The GSTIN associated with Hub Power reveals it to be under the name of Ravi Mehra, operating as the “Hub Power Company” and is a Gandhi Nagar, Delhi based company.
Other details about Electoral Bond donations
Examining the electoral bond facts, it was discovered that the Delhi-based registered hub power firm contributed Rs 95 lakh to political causes. On April 18, 2019, he made this gift as the nation was holding its Lok Sabha elections. This explains why social media began debating whether Pakistan had funded elections when the political contributions and ties of the Pakistani corporation were discussed. But it’s now evident from ABP News’s research that the funding business is Indian.
Various political parties across the spectrum have encashed these electoral bonds. The list includes the Bharatiya Janata Party (BJP), Congress, All India Anna Dravida Munnetra Kazhagam (AIADMK), Bahujan Samaj Party (BRS), Shiv Sena, Telugu Desam Party (TDP), Yuvajana Sramika Rythu Congress Party (YSR Congress), Dravida Munnetra Kazhagam (DMK), Janata Dal (Secular) (JDS), Nationalist Congress Party (NCP), Trinamool Congress, Rashtriya Janata Dal (RJD), Aam Aadmi Party (AAP), and Samajwadi Party.
Major purchasers of Electoral Bonds
Among the companies that purchased electoral bonds, Future Gaming and Hotel Services purchased bonds worth Rs 1,368 crore, while Megha Engineering & Infrastructure Limited purchased bonds worth Rs 966 crore, making them the highest-priced purchasers of electoral bonds.
The details of electoral bonds provide insights into the companies and political parties involved in these transactions. The clarification regarding HUB Power Limited’s donations highlights the importance of verifying information before drawing conclusions. Electoral bonds continue to be a contentious issue with ongoing debates about transparency and accountability in political funding.