Congress Allegations on SEBI Chief Buch

Congress has intensified its attack on SEBI Chairperson Madhabi Puri Buch, alleging she received ₹2.95 crore from companies, including Mahindra and Mahindra, through her consulting firm Agora Advisory Private Limited after becoming a full-time SEBI member.

Congress spokesperson Pawan Khera, in a press conference, claimed that contrary to Buch’s claim that Agora became dormant after she joined SEBI, the consulting firm continued providing services and generated revenue of ₹2.95 crore between 2016-2024. Khera stated, “Madhabi Buch still holds a 99% stake in the company (Agora) as of March 31, 2024… She is caught red-handed lying about the company’s stake. This is a case of wilful concealment.”

Besides Mahindra and Mahindra, other companies that availed of consultancy services from Agora include Dr Reddy’s, Pidilite, ICICI, Sembcorp, and Visu Leasing and Finance. Congress further stated that of the total ₹2.95 crore received by Agora, ₹2.59 crore, or 88% of the total income, came from the Mahindra Group alone.

Khera further alleged that SEBI Chief’s husband, Dhaval Buch, received ₹4.78 crore as “income in a personal capacity” from Mahindra Group between 2019-2021. “This comes at a time when Madhabi Buch, as a whole-time member of SEBI, was adjudicating cases involving the same group,” Congress stated.

Mahindra’s Response:

Mahindra and Mahindra Group called the claims regarding Dhaval Buch “false and misleading.” The company stated that Dhaval Buch was hired for his expertise in supply chain management and his appointment was unrelated to Madhabi Buch becoming SEBI Chairperson.

In a statement, Mahindra mentioned, “He (Dhaval) has spent most of his time at Bristlecone, a supply chain consulting company. He is currently on the board of Bristlecone. He joined Mahindra Group almost 3 years before Madhabi Puri Buch was appointed as SEBI Chairperson.”

Congress’s Other Allegations:

Last month, Congress accused the SEBI Chief of holding an office of profit at ICICI Bank and receiving an income of ₹16.80 crore between 2017 and 2024. ICICI Bank, in a statement, denied paying any salary to Buch.

Aakhir Tak Editor-in-Chief

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