 "Madhabi Puri Buch faces allegations of favoritism, with political tension escalating between Congress and Mahindra over supposed conflicts of interest.")
Mahindra & Mahindra (M&M) has denied Congress party’s allegations that it paid Dhaval Buch, husband of Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (Sebi), for preferential treatment from the regulator. Congress claims Dhaval received Rs 4.78 crore from M&M between 2019 and 2021, coinciding with Sebi’s scrutiny of the company. M&M stated that Dhaval was hired for his supply chain expertise and emphasized corporate governance standards. The company clarified that none of the Sebi orders mentioned were relevant to them. Both Sebi and the Buchs have rejected these accusations as baseless, with Dhaval also connected to Agora Advisory, a consultancy firm raising further scrutiny.
Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (Sebi), is facing scrutiny amid recent allegations from the Congress party. They have accused Mahindra & Mahindra (M&M) of making payments to Dhaval Buch, Madhabi’s husband, to gain favoritism from the Market regulator. The opposition party claims that between 2019 and 2021, Dhaval received around Rs 4.78 crore from M&M at a time when Sebi had issued several orders against the conglomerate.
In response, M&M firmly denied these allegations, labeling them as “false and misleading.” The company stated that Dhaval was hired in 2019 for his extensive supply chain expertise, having previously served as Unilever’s global chief procurement officer. M&M emphasized that they have not sought any preferential treatment from Sebi and uphold rigorous corporate governance standards.
M&M explained that many of the orders mentioned in the Congress party’s claims are irrelevant to the company. They clarified that some orders predated Dhaval’s employment, while others were unrelated to M&M or its operations. The company also pointed out that Dhaval serves on the board of Bristlecone, a subsidiary of M&M.
The Congress party has further claimed that Dhaval’s consultancy firm, Agora Advisory, was still active while Madhabi held her position at Sebi, suggesting a conflict of interest. However, both Madhabi and Dhaval have denied these claims, insisting that they are attempts to undermine their reputations.
As this unfolding political drama continues, the Congress party has vowed to release more information in the coming days, intensifying scrutiny on the Buchs and their professional dealings.
Tags: Madhabi Puri Buch, Sebi, Mahindra & Mahindra, Dhaval Buch, Congress party, corporate governance, conflict of interest, Agora Advisory
-
What are the allegations against Madhabi Puri Buch?
The Congress party has accused Madhabi Puri Buch, the chief of Sebi, of misconduct and unfair practices. -
How is M&M involved in this situation?
Mahindra & Mahindra (M&M) has come forward to defend Madhabi Puri Buch, saying the allegations are not true. -
What is Sebi?
Sebi stands for the Securities and Exchange Board of India. It is the watchdog for the securities Market in India. -
Why are the allegations serious?
The allegations, if proven, could undermine trust in Sebi and affect how financial markets work in India. - What does M&M expect from this situation?
M&M hopes that the truth will come out and that it will help clear Madhabi Puri Buch’s name.
