Keventer group firm bought Electoral Bonds nearly 100 times its annual profit
Three firms among the top fifteen donors of electoral bonds, which have been declared unconstitutional by the Supreme Court, share the same registered address in West Bengal. These firms, namely Keventer Foodpark Infra Pvt Ltd, Madanlal Ltd, and MKJ Enterprises Ltd, are all part of the Keventer group of companies.
Combined, these three firms have made donations exceeding Rs 500 crore through electoral bonds, with Keventer Foodpark Infra Pvt Ltd emerging as the highest donor at Rs 195 crore. Notably, Madanlal Ltd contributed Rs 185.5 crore to political parties during the financial year 2019-20, despite reporting a pre-tax profit of only Rs 1.84 crore.
Headquartered in Kolkata, the Keventer group is renowned for its dairy, fresh, and packaged food products. A key aspect of the revelation is that all three firms share a common director, Radhe Shyam Khetan, who also serves as the CEO of Keventer Realty, the real estate arm of the Keventer group.
Notably, the West Bengal government's divestment of its 47% share in Metro Dairy to Keventer Agro, a subsidiary of the Keventer group, in 2017 sparked controversy. This move was followed by the subsequent sale of around 15% of the shares to a Singapore-based private equity firm at a significantly higher price.
Congress leader Adhir Ranjan Chowdhury had then filed a Public Interest Litigation (PIL) in the Calcutta High Court in 2018, alleging that the state government undervalued Metro Dairy during the divestment process, resulting in substantial losses. He estimated the losses to be at least Rs 500 crore and demanded a thorough investigation into the matter.
Following Chowdhury's PIL, the Enforcement Directorate (ED) initiated a preliminary enquiry in the same year. Subsequently, the Keventer group commenced its political donations through electoral bonds in April 2019. In March 2021, the ED reportedly conducted raids on premises associated with the Keventer group, as per media reports.
Despite the legal challenges and controversies, the Supreme Court upheld the decision regarding the disinvestment of shares in September 2022, dismissing an appeal filed by Chowdhury challenging the High Court's ruling.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
KKR defeat LSG via Super Over
Lucknow (PTI): Kolkata Knight Riders edged Lucknow Super Giants via Super Overs in a battle between two bottom-placed teams in the IPL, here on Sunday.
Chasing a modest 156, LSG suffered a batting collapse and managed to tie the contest and take it to Super Over with No. 9 Mohammed Shami striking a last-ball six against a wayward Kartik Tyagi, who leaked 16 runs in the final over.
But Sunil Narine bowled a stunning Super Over conceding just one run and taking two wickets to give KKR an easy target.
Rinku Singh then finished the chase with a boundary off first ball from Prince Yadav.
Earlier the KKR were in deep trouble with 93/7 in 15 overs but Rinku smashed a sensational 83 not out from 51 balls including four sixes in a row in the final over to lift them to 155/7.
Cameron Green (34) was the only other batter to reach double-digit scores as KKR suffered a familiar batting meltdown with Mohsin taking his maiden fifer.
In reply, LSG continued their dismal show with the bat to succumb to their fifth loss in a row.
Brief Scores:
Kolkata Knight Riders 155/7; 20 overs (Rinku Singh 83 not out, Cameron Green 34; Mohsin Khan 5/23). Lucknow Super Giants 155/8; 20 overs (Rishabh Pant 42). KKR won via Super Over.
