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- SEBI Chief Madhavi Puri Buch Vs Congress; Pawan Kheda | Mahindra & Mahindra
New Delhi5 days ago
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The Congress on Tuesday (September 10) made fresh allegations against Securities and Exchange Board of India (SEBI) Chairperson Madhavi Puri Buch. The Congress said that Madhabi’s husband Dhaval Buch had received Rs 4.78 crore from automobile company Mahindra & Mahindra (M&M) between 2019 and 2021.
Congress leader Pawan Khera said that SEBI had issued four orders in matters related to (M&M) during this period. This happened when Dhawal’s wife Madhabi was a member of SEBI.
Madhabi Puri earned 2.95 crores through Agora from 2016-17, 2019-2020 and 2023-2024. This money was earned from 6 companies – Mahindra & Mahindra, Dr. Reddy’s, Pidilite, ICICI, Sambcorp and Visuligi & Finance. All these companies are listed and regulated by SEBI and all of them are clients of Agora. – Pawan Khera, Congress leader
However, Mahindra & Mahindra called these allegations false. The company said- Dhawal was appointed for his expertise. We never asked for any kind of concession from SEBI.
Jairam Ramesh asked 3 questions to PM Modi
- Is the Prime Minister aware that Madhabi P Buch holds a 99% stake in Agora Advisory Pvt Ltd and is charging huge fees from listed companies including Mahindra & Mahindra?
- Is the Prime Minister aware of Madhabi Buch’s connections with this controversial organization?
- Does the Prime Minister know that Madhabi’s husband is earning a good amount from Mahindra & Mahindra Limited after retirement?
What did Mahindra & Mahindra say in response Mahindra & Mahindra said- The company hired Dhawal Buch in 2019. He was selected for his experience related to supply chain and sourcing. He spent most of his time at Bristlecone. Currently Dhawal Buch is on its board. He joined Mahindra Group about 3 years before Madhabi Puri Buch became SEBI chief. The money given to him was for his experience and management.
Of the 5 SEBI orders that Congress has talked about, 3 have nothing to do with the company or its subsidiaries. One was a fast track rights issue, for which SEBI approval was not required. One order is from March 2018, when Dhawal had not even started working in Mahindra Group.
Last time Congress had accused him of taking advantage from 3 places Earlier on September 2, the Congress had accused Madhavi of taking salary from 3 places including ICICI Bank while being associated with SEBI. Pawan Khera had said – Madhabi Puri Buch was a full-time member in SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the chairperson of SEBI. PM Modi and Amit Shah are included in the cabinet that appoints the chairperson of SEBI.
On the other hand, ICICI denied the allegations and said- ‘After retiring from the bank, Madhavi was not given any salary or employee stock option. She only took retirement benefits.’
Know what is the controversy related to SEBI and Hindenburg Report
SEBI i.e. Securities and Exchange Board of India is an institution of the Government of India. It was established in the year 1992 to protect the investors of the stock market. In January 2023, Hindenburg accused Gautam Adani of using offshore funds to increase the prices of his group’s shares. Adani denied the allegations, but the matter reached the Supreme Court. SEBI was entrusted with the investigation of the matter.