Reliance accounts man, linked to Network18 buy, is among top 100 Electoral Bonds buyers
New Delhi: The recent revelation regarding Laxmidas Vallabhdas Merchant's substantial contribution of Rs 25 crore to political parties through electoral bonds in November 2023 has stirred significant interest and scrutiny. Merchant, although not widely recognized, holds a key position as a Group Controller for the Reliance Group, overseeing tax compliance. His involvement in several companies associated with Reliance's acquisition of the Network18 media conglomerate adds complexity to the situation.
Despite Reliance Group's absence from the disclosed list of electoral bond donors by the Election Commission, Qwik Supply Chain Private Limited, linked to the conglomerate, emerged as the third-highest electoral bond donor nationwide. The electoral bond system's nuanced provisions allowed for anonymous donations by individuals, groups, NGOs, trusts, and other legally recognized entities, paving the way for conglomerates to channel contributions through obscure channels and evade public scrutiny.
While the Election Commission's document inaccurately spells Merchant's name as "Laxmidas Vallabhdas Asmita Mercha," further investigation revealed his association with Asmita Merchant and their connection to the Reliance Group. Reliance Industries Limited's records also confirm this link, as Merchant's address is listed therein. Moreover, Merchant's pivotal role in Reliance's acquisition of the Network18 media empire in July 2014, where he assumed directorship in six crucial firms, underscores his significance within the organization.
The acquisition process involved a Reliance-backed Independent Media Trust acquiring a 99% stake in six privately held firms, ultimately granting Reliance Group management control over Network18, previously under the ownership of founder Raghav Bahl.
In the same month that the trust took over Network18, Laxmidas Merchant was made a director in the six firms that gave it control over the media empire.
Source: Reporters Collective
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Man arrested with Rs 2.54-crore heroin in Mumbai
Mumbai (PTI): Police have arrested a man and seized over 500 grams of heroin worth Rs 2.54 crore in the illicit market from him in Mumbai, officials said on Friday.
The police's Anti-Narcotics Cell (ANC) made the drug seizure in Santacruz in the western suburbs. The operation was conducted by the Kandivali unit of the ANC on Thursday as part of a special crackdown against drug trafficking in the area, they said.
Acting on specific inputs, an ANC team conducted a raid in Santacruz (East) and intercepted a man. During a search, the team recovered 508 grams of high-grade heroin from his possession, an official said.
The seized contraband, a highly addictive, opioid drug derived from morphine, is estimated to be worth Rs 2.54 crore in the international market, he informed.
Following the seizure, a case was registered against the man under relevant sections of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985, and he was formally placed under arrest in the early hours of Friday.
The police are currently investigating the source of the drug and trying to identify the intended recipients of the consignment, he said.
