The Congress party has recently raised new conflict of interest allegations against SEBI Chairperson Madhabi Puri Buch, claiming that her husband, Dhaval Buch, received Rs 4.78 crore from Mahindra and Mahindra Group between 2019 and 2021. This period coincides with Buch’s tenure as a whole-time member of SEBI. Congress spokesperson Pawan Khera has argued that this situation presents a conflict of interest given that Buch was adjudicating cases involving Mahindra Group during this time.
In response, Mahindra and Mahindra Group has firmly denied these allegations. The company stated that Dhaval Buch was hired in 2019 for his expertise in supply chain management, unrelated to any SEBI matters. They clarified that Dhaval Buch’s role and compensation were based solely on his experience and skills from his previous employment at Unilever, and had no connection to SEBI decisions or approvals related to the Mahindra Group.
Mahindra also addressed the claims about the timing of SEBI orders, stating that most of the referenced orders either did not pertain to Mahindra or were issued before Dhaval Buch joined the company. The company further clarified that the compensation received by Dhaval Buch had no bearing on SEBI’s actions.
The Congress has also accused Madhabi Buch of continuing to receive consultancy fees through her firm, Agora Advisory Pvt Ltd, even after she joined SEBI. The party alleges that Agora received Rs 2.95 crore from several companies, including a substantial amount from Mahindra and Mahindra, contradicting Buch’s claims about the firm’s dormancy.
Mahindra and other companies mentioned, including Dr. Reddy’s Laboratories and Pidilite Industries, have all denied any wrongdoing, emphasizing that their dealings with Dhaval Buch were transparent and unrelated to any SEBI decisions.
The Congress’s allegations have sparked controversy, drawing attention to the ongoing scrutiny of SEBI’s leadership and raising questions about potential conflicts of interest in high-profile regulatory roles.
Recent Developments:
- The Congress previously accused Buch of holding an office of profit at ICICI Bank and receiving Rs 16.80 crore in income. ICICI Bank has denied these claims.
- Allegations have also surfaced about rental income received by Buch from a company linked to ongoing SEBI investigations.
As the controversy unfolds, both SEBI and Mahindra Group continue to assert that all actions and transactions were above board and compliant with relevant regulations.
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