A Hyderabad-based company, Navayuga Engineering Company Ltd (NEC), involved in constructing the Silkyara-Barkot tunnel in Uttarakhand’s Uttarkashi, has been revealed to have purchased electoral bonds worth ₹55 crore and donated the entire sum to the BJP, according to data released by the Election Commission.
NEC, a prominent engineering and core infrastructure firm, procured 55 electoral bonds valued at ₹1 crore each between April 19, 2019, and October 10, 2022, as per the ECI data. The company, contracted for the Silkyara-Barkot tunnel project, faced a setback when a portion of the under-construction tunnel collapsed in November last year.
The Silkyara-Barkot tunnel, a crucial part of the Centre’s 900 km Char Dham Yatra All Weather Road project, aims to enhance connectivity to the four holy pilgrimage sites. It is designed as a single-tube tunnel with two inter-connected corridors, serving as escape passages for each other. However, a tragic accident occurred on Diwali in November 2023, trapping 41 workers under the collapsed section.
Following a grueling rescue operation spanning over 400 hours, the trapped laborers were finally rescued on November 28. The incident raised concerns about the safety and progress of the tunnel construction project, which was initially scheduled for completion in 2022 but faced delays.
The Supreme Court’s intervention shed light on the electoral bond donations made by NEC to the BJP. The court directed the State Bank of India (SBI), the designated issuer of electoral bonds, to disclose all details of bonds encashed by political organizations. Additionally, the court invalidated the electoral bond scheme, citing violations of constitutional rights.
The electoral bond scheme was introduced as an alternative to cash donations for political parties, aiming to enhance transparency in political funding. Under the scheme, the donor’s identity remains anonymous to the public, known only to banks. Electoral bonds can only be encashed by eligible political parties through authorized bank accounts.
The revelation of NEC’s significant donation to the BJP has sparked debates regarding corporate influence on political funding and the efficacy of electoral bond schemes in ensuring transparency and accountability in political financing. This development underscores the need for comprehensive reforms in campaign finance regulations to uphold the integrity of democratic processes.
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