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Scroll reported that firms it described as linked to Reliance bought at least ₹50 crore in electoral bonds on May 9, 2019, and that Qwik Supply Chain Private Limited bought ₹410 crore in total. The report also connected Qwik to Reliance through a shared director, while quoting a Reliance spokesperson saying the company was not a Reliance subsidiary. In 2022, after the government amended the scheme to allow an extra sale window in years with state elections, Scroll reported that Qwik and two other named companies bought ₹164 crore combined in the new window.
Which firms did Scroll describe as linked to Reliance?
Scroll’s March 15, 2024 investigation, drawing on Election Commission of India data and information obtained through RTI, reported that firms it linked to Reliance bought at least ₹50 crore in bonds on May 9, 2019, during the Lok Sabha election period. It identified Qwik Supply Chain Private Limited as a major buyer, with total purchases of ₹410 crore, and described its connection through director Tapas Mitra, who also served as a director of several Reliance-associated firms. Read Scroll’s investigation.
The report also discussed firms linked to business associate Surendra Lunia. These are reported connections through directors, addresses, or associates; they should not be read as proof that Reliance Industries owned or controlled every company mentioned. Scroll said Reliance Industries itself did not purchase electoral bonds. It quoted a Reliance spokesperson, via PTI, saying: “Qwik Supply Chain Pvt Ltd is not a subsidiary of any Reliance entity.”
What changed in the electoral-bond scheme in 2022?
The original scheme provided four annual sale windows, with an exception in a Lok Sabha election year. On November 7, 2022, the government amended the scheme to permit an additional 15 days of sales in a year in which state legislative assembly elections were scheduled. A further window opened on November 9, two days after the amendment. Scroll reported that this additional period preceded the Gujarat election.
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The scheme’s June 29, 2018 government notice said that eligible recipient parties had to be registered under section 29A of the Representation of the People Act and have received at least one percent of the votes in the relevant last general election. Bonds were valid for 15 calendar days; eligible parties could encash them through an account with the authorized bank. Read the government’s scheme notice.
What happened in the two reported 2022 sale windows?
The figures below are those Scroll reported from ECI data and RTI material in 2024; they are not an independent recalculation of the underlying files.
| Window | Context | Total sold | Reported party share or buyers |
|---|---|---|---|
| November 9, 2022 additional window | Opened two days after the amendment allowing an extra 15-day period in years with state elections | ₹676 crore | The BJP received ₹590 crore, or 87%. Qwik Supply Chain, NexG Devices, and Mankind Pharma bought ₹164 crore combined, nearly 24% of the window total. |
| Further window ahead of the Gujarat election in December 2022 | Preceded the Gujarat election | ₹232 crore | The BJP received ₹165 crore, or 71%. Scroll identified Aditya Birla-linked firms, rather than the firms highlighted in the title, as the largest reported buyer group. |
The amounts and percentages are historical figures attributed to Scroll’s reporting. The available account establishes purchases and timing; those facts by themselves do not establish that a donation bought a policy decision or involved a quid pro quo.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did the Supreme Court rule?
On February 15, 2024, the Supreme Court declared the Electoral Bond Scheme and relevant Finance Act amendments unconstitutional. In its March 11 order, the Court said that withholding information about political-party funding violated citizens’ right to information under Article 19(1)(a), and that amendments concerning corporate funding were arbitrary and violated Article 14. 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 Court directed the State Bank of India to submit bond-purchase and redemption details to the Election Commission, and ordered the information published. Its order recounted SBI’s account that purchaser records and redemption records had been maintained in separate silos. The order reproduced SBI’s reported count of 22,217 bonds purchased between April 12, 2019, and February 15, 2024. Read the Supreme Court’s March 11, 2024 order.
Quick Recap
What the reporting does—and does not—show
- Scroll reported purchases by firms it described as linked to Reliance, including Qwik Supply Chain’s reported total of ₹410 crore; Reliance Industries itself was not reported to have bought bonds.
- The reported links do not, on their own, prove Reliance ownership or control of Qwik Supply Chain or the other companies discussed.
- The 2022 amendment created an additional sale window in a year with state elections. The reported sums and party shares describe bond purchases and receipts, not evidence of an exchange for government action.
- The Supreme Court invalidated the scheme and relevant amendments and ordered disclosure of the records; its decision addressed the scheme’s legality and transparency.
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