I really see no merit in point that donations to ruling party has favoured ITC. In fact, last 5 years are prorably among the worst five years in policy perspective for Cigarette industry. Also, singificant amount of tobacco in non-Cigaretter has cash component of business. In case of ulterior motive to get benefit, one would pay facilitating money in cash then by bank in my view. In fact, when 70% value addition in Cigarette is going to state/central by various tax/levies, it is more important for Centre/State that industry survive than other way round. Show me a single industy which give 70% of revenue (Crude exploration may be exception due to government ownership) with Government. Government as stakeholder take maximum value addition share as compared the vendor, employee, shareholder and society in Cigaretter.
If one wonder why Bidi being taxed at lower rate, beside being seen as pro-rural, many politician have made their political career funded from Tobacco business. One name come to my mind is Praful Patel of NCP. His father was also MLA from Gondia, Maharashtra.
There are multiple issues about corporate governence with ITC in past which are highlighted and discussed on threads. However, donation to rulling party is normal business feature in Indian context. Hence, I would not give more weightage to this information. Please note that I could be wrong in my assessment.
Discl: Same as pervious post.