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Navayuga Engineering Company Limited bought electoral bonds worth Rs 30 crore on April 18, 2019, about six months after Income Tax Department raids at its Hyderabad and Visakhapatnam offices in October 2018, according to Project Electoral Bond. The report says the company’s purchases totalled Rs 55 crore over three years, including a further Rs 25 crore purchase in October 2022. The dates show a sequence; they do not establish that the raids caused the purchases or that the company received anything in return.
What Project Electoral Bond reported
Project Electoral Bond, in a report published March 15, 2024, identified the buyer as Navayuga Engineering Company Limited, founded in Visakhapatnam and headquartered in Hyderabad. The company-specific purchase amounts and dates below are attributed to that report’s account of Election Commission disclosures; they have not been independently matched here against individual entries in the underlying records.
| Reported date | Reported purchase | Context |
|---|---|---|
| October 2018 | Not stated | Income Tax Department raids at the company’s Hyderabad and Visakhapatnam offices, according to Project Electoral Bond. |
| April 18, 2019 | 30 bonds of Rs 1 crore each; Rs 30 crore total | About six months after the reported raids. |
| October 10, 2022 | 25 bonds of Rs 1 crore each; Rs 25 crore total | A later purchase reported by Project Electoral Bond. |
| Three-year period reviewed | Rs 55 crore total | Project Electoral Bond’s stated total from its account of Election Commission data. |
The 2022 purchase is part of the reported Rs 55 crore total; that total should not be read as a figure independently recomputed from raw records here.
What the timing does—and does not—show
The reported October 2018 raids came before the April 2019 purchase. That establishes chronology, not motive. The available account does not show that the raids prompted the bond purchase, that the purchase influenced a government decision, or that a quid pro quo occurred. A sequence in time is not proof of an exchange.
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Project Electoral Bond also reported that the Registrar of Companies inspected the company’s Hyderabad premises in July 2018 and found around 47 firms registered at the same address. It identified Navayuga with infrastructure work including the Silkyara-Barkot tunnel, a barrage for the Kaleshwaram lift irrigation project, Polavaram, and the Dhola-Sadia bridge. The report said the Andhra Pradesh government cancelled the company’s Rs 3,200-crore Polavaram contract in September 2019. These details are context, not evidence that the bond purchases were connected to the contract or its cancellation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How the bond records became public
On February 15, 2024, the Supreme Court of India declared the Electoral Bond Scheme and relevant amendments unconstitutional and directed that issuance stop. It also ordered the State Bank of India to provide purchaser and redemption information to the Election Commission of India. The ECI’s official electoral-bond disclosure page lists purchase and redemption details and digitised data received from the Supreme Court Registry.
In its March 11, 2024 order, the Court stated that “the non-disclosure of information regarding the funding of political parties is violative of the right to information of citizens under Article 19(1)(a) of the Constitution.” The public disclosures provide a way to examine political-funding records; interpreting a particular company’s entries still requires care about what the records establish and what they do not.
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How to read this report responsibly
- Attribute the company-specific figures. The Rs 30 crore and Rs 55 crore figures, along with the stated purchase dates, are Project Electoral Bond’s account of Election Commission data.
- Keep sequence separate from causation. The raids reportedly preceded the April 2019 purchase, but the timing alone does not establish why the bonds were bought.
- Do not infer a contract exchange. The company’s infrastructure work and the reported Polavaram cancellation do not prove a link to its political donations.
- Use the official disclosures for further checking. The ECI portal hosts the disclosed records, but company-specific conclusions should be based on matching the relevant entries rather than relying on timing alone.
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