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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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
