Vedanta Political Donation Update: On one hand, Vedanta Limited itself is busy raising cash to pay off the outstanding loans. Despite this, the company is not lagging behind in donating to political parties. Just before the assembly elections in five states held in the month of November this year, the Board of Directors of Vedanta Limited has passed a resolution and approved donating Rs 200 crore to political parties. Apart from this, the Board has also given its approval to give Rs 57 crore which was approved to be given to political parties in June 2022 last year but this amount could not be released.
According to this report quoting the Economic Times, Vedanta's board had passed a resolution on November 5, 2023, giving its approval to donations to political parties. This decision was taken just two days before the 29th phase of electoral bond issuance by State Bank of India (SBI). According to the resolution passed by the board of Vedanta, the approval for giving political donations of Rs 200 crore and Rs 57 crore is valid till March 2025. This donation can be made directly or in the form of Electoral Trust and subscription to Electoral Bonds.
The Board has passed a resolution and authorized the Chairman and Vice Chairman to decide how much donation to give to a political party. At present, Anil Agarwal is the chairman of the company and Naveen Agarwal is holding the post of vice chairman. According to the report, Vedanta has donated Rs 457 crore to political parties, of which Rs 155 crore has been released this year.
In recent years, most of the donations to political parties are being given through electoral bonds which was launched in 2018. According to the ADR report, Rs 13,791 crore has been issued to political parties through electoral bonds between 2018-2022.
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