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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallFour firms linked in reporting to Kolkata’s Keventer group were reported to have bought electoral bonds worth Rs 616.92 crore between April 2019 and January 2024. That period overlapped with an Enforcement Directorate (ED) investigation into the sale of a stake in Metro Dairy. The available sources establish timing, not a connection between the bond purchases and the inquiry: they do not show that the purchases caused, influenced or were exchanged for any agency action.
How much did Keventer-linked firms spend on electoral bonds?
The News Minute reported that four firms linked to the group purchased bonds totalling Rs 616.92 crore from April 2019 through January 2024. The amounts below are the report’s figures; they describe purchases, not a proven political-party recipient or motive.
| Company | Reported bond purchases |
|---|---|
| Keventer Foodpark Infra Limited, now Magnificent Foodparks Project Limited | Rs 195 crore |
| MKJ Enterprises Limited | Rs 192.42 crore |
| Madanlal Limited | Rs 185.5 crore |
| Sasmal Infrastructure Limited | Rs 44 crore |
| Total | Rs 616.92 crore |
The News Minute described the firms as linked to the Keventer group and reported that they shared a registered address and had common directors, citing overlapping directorships as part of its account. The amounts and corporate links should therefore be understood as reported findings, not as a determination that every company was legally part of one entity.
What was the ED inquiry about?
The reported inquiry concerned the sale of the West Bengal government’s stake in Metro Dairy. According to The News Minute, the state divested its 47% stake in 2017 and sold it to Keventer Agro for Rs 85.5 crore. The report says the group soon sold nearly 15% of its Metro Dairy shares to Singapore-based Mandala Capital for Rs 170 crore, after which allegations that the state stake had been underpriced followed.
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Congress leader Adhir Ranjan Chowdhury filed a public-interest litigation in the Calcutta High Court in 2018 alleging underpricing, The News Minute reported. The report says the High Court dismissed the petition and the Supreme Court upheld that decision in September 2022. An allegation and a court challenge are not proof of wrongdoing.
The News Minute reported that the ED opened a preliminary inquiry about a year before beginning an official investigation in October 2019, and that it raided the Keventer group’s Kolkata office in February 2021. The sources cited here do not establish the inquiry’s later status or outcome.
How did the bond-purchase period overlap the reported inquiry?
The purchase window reported for the four firms—April 2019 to January 2024—began before the ED’s reported official investigation in October 2019 and continued for years after it began. The News Minute also reported a February 2021 raid during that window.
This is a chronological overlap only. The sources do not establish that any bond purchase was connected to the Metro Dairy matter, intended to affect the ED, or exchanged for an official decision. Nor does the reported inquiry itself establish that Keventer Agro or the linked firms committed wrongdoing.
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In its 15 February 2024 judgment, the Supreme Court struck down the Electoral Bond Scheme and specified statutory amendments. It said non-disclosure of political-party funding information violated citizens’ right to information, and held that provisions permitting unlimited corporate political funding were arbitrary. In its 11 March 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.” It also said corporate-funding amendments “permitting unlimited funding of political parties by corporate entities were held to be arbitrary and violative of Article 14.”
The Court required disclosure of details including bond purchase dates, purchaser names and denominations, as well as redemption dates and denominations. On 11 March, it rejected the State Bank of India’s request for more time and directed the bank to disclose the data to the Election Commission of India (ECI). The Press Information Bureau reported that on 21 March 2024 the ECI uploaded data received from SBI on an “as is where is basis.”
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That initial disclosure did not directly match each purchaser to a political-party recipient. The Association for Democratic Reforms (ADR) explained that purchaser information and party redemption information appeared in separate datasets. The records cited here therefore do not establish which parties received the bonds bought by these four companies.
Quick Recap
What can—and cannot—be concluded
- Reported purchase total: The News Minute attributed Rs 616.92 crore in electoral-bond purchases to four Keventer-linked firms between April 2019 and January 2024.
- Reported overlap: That period included the ED’s reported investigation and the reported 2021 raid relating to the Metro Dairy stake-sale allegations.
- No demonstrated link: The available reporting and bond records do not show that purchases were connected to, caused by, or exchanged for any action concerning the ED inquiry.
- No recipient match in the cited release: The initial data described by ADR does not directly pair these companies’ purchases with particular political parties.
- No established later case outcome: The sources cited here do not establish the ED inquiry’s later status.
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