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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Hassan: Farmer killed in wild elephant attack
Hassan: A 65-year-old farmer was killed in a wild elephant attack in Belur taluk on Sunday morning.
The deceased has been identified as Raj shetty (65), a resident of Kanaguppe village.
According to police, the elephant, which was hiding in nearby bushes, suddenly attacked Raj shetty while he was on his way to work in his garden. The animal reportedly lifted him with its trunk and trampled him to death.
Forest department officials and police come to the spot upon receiving information and launched an operation to drive the elephant away.
The incident occurred within the limits of Arehalli police station.
