Fact Check: Hub Power Company buying electoral bonds is not a Pakistan-based entity
Hub Power Company buying electoral bonds is not a Pakistan-based entity
After the Election Commission of India released information regarding donations to political parties through electoral bonds, a viral social media post claims that the BJP has received contributions from a Pakistan-based entity called the 'Hub Power Company.' The accompanying screenshot supposedly displays the donations made by this company.
The link can be found here.
The Election Commission of India (ECI) has unveiled information regarding electoral bonds, following the Supreme Court’s directive mandating the State Bank of India to furnish all bond-related data to the ECI. The disclosed data confirms that 'Hub Power Company' bought electoral bonds a few months after the Pulwama attack in 2019. Nevertheless, it's important to emphasize that despite its name, the company is registered in India and not located in Pakistan.
In the current electoral bond scheme, these bonds can be purchased by any Indian citizen or organization registered within the country, as long as they fulfill the RBI's Know Your Customer (KYC) requirements. Furthermore, a foreign company can make contributions through its subsidiaries registered in India.
Fact Check:
We couldn't find any information about a private limited firm named 'Hub Power Company' on the Ministry of Corporate Affairs portal. If the company were indeed a subsidiary of a Pakistani firm, as claimed, its details would be accessible on the ministry's website. However, our search yielded no results.
When we searched IndiaMart using the company name, we obtained the GST number of the company in question. Subsequently, a further search on the GST website provided us with details about a company with the same name.
According to the available information, it is a Delhi-based company registered in 2018. Notably, it operates as a proprietorship firm under the name 'Ravi Mehra.' This confirmation dispels the notion that it is a subsidiary of any foreign company.
A power production company known as 'Hub Power Company Limited (HUBCO)' does exist in Pakistan. The logo shared in the viral post corresponds to this company. However, it's crucial to emphasize that this company is not associated with the company under scrutiny in India.
In response to the widespread circulation of news linking the Pakistan-based company to electoral bonds, the company has issued a clarification to dispel any misunderstanding. In their statement, the company asserted that they have no connection whatsoever to the matter or any company based in India.
Hence, the claim is false. The 'Hub Power Company' that made political contributions is registered in Delhi and is not affiliated with any Pakistani company as a subsidiary.