Kolkata: A Kolkata-based firm, Avees Trading and Finance Pvt Ltd, has come under scrutiny for its significant contributions to electoral bonds, totaling Rs 112.5 crore over the period from 2019 to 2023, as disclosed by the Election Commission of India.
The company, registered at 12, Waterloo Street, First Floor, Room No 6, operates without an official website or email address, despite its sizable financial engagements.
Notably, a search query on Google reveals that at least five companies share the same address, with BPC Tradecomm Pvt Ltd, one of them, demonstrating close affiliations with Avees Trading.
Bhal Chandra Khaitan, who serves as the director of Avees, also holds a directorial position in Technical Associates Infrapower Ltd, the parent company of Avees.
Financial statements for the fiscal year 2019-2020 reveal that Technical Associates Infrapower Ltd incurred a loss of Rs 75.80 crore, largely attributed to a sudden surge of Rs 80.16 crore in ‘other expenses’, which included Avees Trading’s financial loss of Rs 51.70 crore.
During this period, Avees Trading purchased electoral bonds worth Rs 24 crore, distributed across two transactions in July and October 2019 – Rs 4 crore on July 9, 2019 and Rs 20 crore on October 1, 2019.
Electoral bond details of Avees Trading
While the beneficiaries of these transactions remain undisclosed, it should be noted that in July 2019, Trinamool Congress (TMC) and the Bharatiya Janata Party (BJP), two promitent political parties in the state, encashed electoral bonds worth Rs 15.38 crore and Rs 15 crore, respectively.
Similarly, in October 2019, the BJP encashed electoral bonds amounting to Rs 185.18 crore, while the TMC received Rs 20 crore.
Avees continued its electoral bond contributions, securing bonds worth Rs 15 crore in October 2021, despite its parent company, Technical Associates Infrapower, reporting a net loss of Rs. 1.64 crore for FY 2021-22, while Avees itself posted a profit of Rs 1.02 crore.
In April and December 2022, the BJP and TMC capitalised on electoral bonds. The BJP encashed bonds worth Rs 263.5 crore and the TMC received Rs 182 crore in contributions through similar means.
During FY23, Avees contributed electoral bonds amounting to Rs 13 crore, contributing to its loss of Rs 29.14 crore for the financial year, while the consolidated loss of Technical Associates Infrapower sharply rose to Rs 42.09 crore.
In the fiscal year 2023-24, Avees once more acquired electoral bonds amounting to Rs 60.5 crore. These purchases were distributed across several transactions, with Rs 20 crore on April 6, 2023, Rs 15.5 core on October 10, 2023, Rs 10 crore on October 12, 2023, and Rs 15 crore on November 10, 2023. However, during this period, its parent company’s consolidated loss for the initial nine months, concluding on December 31, 2023, escalated to Rs 57.25 crore.
In April 2023, the BJP and TMC again engaged in significant electoral bond transactions, with the BJP encashing bonds worth Rs 332.24 crore and the TMC receiving Rs 18 crore.
Between October and November 2023, there was substantial political funding, with the BJP cashing in bonds worth Rs 1,061 crore, compared to the TMC’s receipt of Rs 18 crore.
