‘Dormant’ firm made Rs 2.95 cr after Buch joined Sebi: Congress sees conflict of interest
The Congress on Tuesday made fresh ‘conflict of interest’ allegations against Sebi chief Madhabi Puri Buch, stating that contrary to the claim made by her and her husband Dhaval Buch, their consultancy firm Agora Advisory Private Ltd did not remain dormant after she became a full-time member and later the chairperson of the market regulator.
Husband also paid Rs 4.78 crore: Khera
- Congress leader Pawan Khera said Madhabi’s husband Dhaval Buch had received ~4.78 crore as income in a personal capacity from the Mahindra and Mahindra Group between 2019-2021
- He received these payments while Madhabi was adjudicating cases of Mahindra Group as a full-time Sebi member, he alleged
After US-based short-seller Hindenburg Research levelled ‘conflict of interest’ charge against the her, Madhabi and Dhaval refuted it, saying that Agora had become dormant after she joined Sebi in 2017. Addressing a press conference here, Congress spokesperson Pawan Khera said Agora Advisory Private Limited had received Rs 2.95 crore during 2017-2024 from companies like the Mahindra Group and others after Puri becoming a full-time member of Sebi in April 2017 and subsequently the chairperson of the market regulator from March 2022.
“Buch still owns a 99 per cent stake in the company (Agora). She has been caught red-handed lying about the company. This is a case of wilful concealment,” Khera said.
Apart from Mahindra and Mahindra, the companies that availed consultancy services from Agora after Madhabi Puri joining Sebi include Dr Reddy’s, Pidilite, ICICI, Sembcorp and Visu Leasing and Finance, Khera said. Of Rs 2.95 crore received by Agora, Rs 2.59 crore or 88 per cent of the total income came from the Mahindra and Mahindra Group alone, the Congress leader said.
Khera said Dhaval received Rs 4.78 crore as income in a personal capacity from the Mahindra and Mahindra Group between 2019-2021. He received these payments while Madhabi was adjudicating cases of Mahindra Group as a full-time Sebi member, the Congress leader alleged.
Khera, who addressed press conferences last week also and made corruption and conflict of interest charges against the Sebi chief, cited five orders pertaining to the Mahindra Group issued by the market regulator during 2019-21.
The Mahindra Group denied the allegations, calling them “false and misleading”. “None of the five Sebi orders or approvals referenced in the allegations is relevant. Three out of the five approvals of Sebi do not pertain to the company or its subsidiaries,” it said in a statement. Dhaval Buch, who joined the company in 2019 after retiring from Unilever, was hired solely for his expertise in supply chain management, the statement by the automobile major said.
