In a recent release by the Election Commission of India (ECI), it has been revealed that Future Gaming and Hotel Services, known for their lottery brand 'Martin', and Megha Engineering and Infrastructure Ltd have emerged as the leading contributors to political parties through electoral bonds. This disclosure came following the Supreme Court's directives ahead of the 18th Lok Sabha elections, where the ECI disclosed details of bond buyers and beneficiaries since April 2019.

The data uncovered a staggering sum of electoral bonds valued at over Rs 12,000 crore. This information, supplied by the State Bank of India (SBI), the exclusive issuer of the bonds, sheds light on the financial transactions within the political landscape.

Among the notable donors are Bharti Group and Vedanta, but it's evident that the ruling Bharatiya Janata Party (BJP) has been the primary beneficiary over the years, consistent with its own annual audit reports.

However, both Future Gaming and Megha Engineering have faced controversies in the past. Future Gaming has been under investigation by the Enforcement Directorate, while Megha Engineering has drawn criticism over its involvement in projects like the Kaleshwaram lift irrigation project and the Silkyara tunnel project in Uttarakhand, where laborers were trapped for days last year.

Additionally, names like Essel Mining, Haldia Energy, Jindal Steel, the Mahindra Group, and the Dhariwals have also contributed significantly. It's worth noting that while some major conglomerates are absent from the disclosed data, analysts speculate that the listed entities might have ties to them, though confirming such connections could be challenging.

Individuals like Kiran Mazumdar-Shaw and entities such as liquor distributor Mardi Gras and the Western UP Power Transmission Company have also participated in purchasing electoral bonds. Interestingly, many donors listed by SBI have previously contributed through the electoral trust system, where donor identities were made public.

In terms of political beneficiaries, after the BJP, the Trinamool Congress and the Indian National Congress follow, trailed by the Bharat Rashtra Samithi, Biju Janata Dal, and the DMK.

The electoral bond scheme, introduced by the NDA government in 2017-18, faced legal challenges and was eventually declared unconstitutional by the Supreme Court on February 15. As per the court's order, all data regarding electoral bond donors and beneficiaries must be made public.

Furthermore, it is anticipated that more data on electoral bonds, submitted by political parties to the ECI, will be disclosed once the Supreme Court releases the relevant documents to the poll panel. The ECI has already filed an application in the Supreme Court seeking this information.

It's expected that petitioners will approach the apex court once again, urging SBI to disclose the 'unique code' data on electoral bonds, which could provide conclusive evidence regarding donor and recipient details. SBI has shared two sets of data with the ECI: one comprising the list of electoral bond purchasers and their purchase amounts, and another listing the political parties that received them.

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