New Delhi: SEBI chief Madhabi Puri Buch came in for fresh accusations from Congress spokesperson Pawan Khera who accused her of wilful concealment of information. Citing US-based short seller Hindenburg Research, Khera said that Agora Advisory, a consultancy firm in which Buch had a 99 per cent stake, remained operative to date, contrary to Buch’s clarification that the firm became immediately dromeany when she joined SEBI.
While questioning which companies received consultancy services from Agora Advisors, Khera also posed the question of whether any of these firms were under SEBI’s lens.
In today’s press conference, we have made some shocking disclosures involving the #SEBI Chairperson and her husband Dhaval Buch. These irregularities invoke serious conflicts of interest. pic.twitter.com/7Z2rfTToxF
— Pawan Khera 🇮🇳 (@Pawankhera) September 10, 2024
List of companies that consulted Agora Advisory
Khera shared a list of firms which consulted Agora Advisors during 2016-24 adding that Buch received a consideration of Rs 2.95 crore via Agora Advisory from the following firms:
S, No.
Company name
1
Mahindra and Mahindra
2
DR Reddy’s
3
Pidilite
4
ICICI
5
Sembcorp
6
Visu Leasing & Finance
The Congress alleged a conflict of interest by Buch since each of these firms are regulated by SEBI. It added that Mahindra and Mahindra alone accounted for 88 per cent of the Rs 2.95 crore paid to Agora Advisory.
The SEBI chief’s husband Dhaval Buch also received Rs 4.78 crore income in his personal capacity from Mahindra and Mahindra in 2019-21, the Congress alleged in its paper. The Congress alleged that this payment coincided with Buch’s adjudication of M&M’s case as a whole-time SEBI member.
Congress allegations against SEBI chief
The Congress Party has levelled a series of allegations against SEBI chief Madhabi Puri Buch:
The party accused Buch of drawing more than one salary. The Congress alleged that ICICI Bank was paying her a salary even after retirement.
The party also alleged that the SEBi chief had received rent from Wockhardt’s subsidiary Carol Info Services in the form of property rent, even as Wockhardt was being probed by SEBI.
ICICI Bank, Wockhardt refute allegations
ICICI Bank stated that Bich was paid her retirement dues as well as ESOPs which can be cashed for a certain period after leaving the company.
Further, Wochardt refuted allegations of wrongdoing ad added that the transactions made by its unit were in accordance with the laws of the land.
Congress leader Pawan Khera during a press conference on Tuesday accused SEBI chief Madhabi Puri Buch of wilful concealment of information alleging her advisory firm Agora Advisory received Rs 2.95 crore during her tenure in different position with SEBI. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
