The chairperson of Securities and Exchange Board of India (Sebi), Madhabi Puri Buch, and her husband, Dhaval Buch, on Friday (September 13) denied a series of allegations of impropriety and conflict of interest made by Congress.
The Congress had, on Tuesday (September 10), had claimed that Madhabi held 99 per cent shares in a consultancy firm, Agora Advisory Private Limited. The party said that the firm was “actively providing advisory/consultancy services till date”.
Congress also alleged that the Sebi chief’s husband, Dhaval Buch, was paid Rs 4.78 crore by Mahindra and Mahindra during 2019-21. This time period coincided with the time Sebi was adjudicating a case of market infractions involving the Anand Mahindra-led company.
Dhaval and Madhabi Buch said the allegations are based on Income tax returns filed by them.
“Our income tax returns clearly have been obtained by adopting fraudulent means and illegally. This is a clear breach of not only our right to privacy (which is a fundamental right) but also a violation of the Income Tax Act,” the couple said in a statement.
According to the statement, Madhabi has never dealt with any file involving Agora Advisory, Agora Partners, the Mahindra Group, Pidilite, Dr Reddy’s, Alvarez and Marsal, Sembcorp, Visu Leasing or ICICI Bank at any stage after her joining Sebi.
“The allegations are completely false, malicious and defamatory. Madhabi has complied with all the disclosure and recusal guidelines of Sebi, and in fact, maintained a proactive continuing recusal list with Sebi over and above the requirements under the guidelines,” it added.
Dhaval and Madhabi Buch claimed to be “upright and honest professionals” who have led their professional lives with transparency and dignity, “earning an unblemished record.”
The duo also attacked Congress without naming the party. Their statement said, “though everyone can see a clear pattern emerging to distort and twist the facts, we are confident that we will be able to demolish all such motivated allegations even in future, while reserving our right to take appropriate legal remedy as we may be advised. the statement said.
With inputs from agencies
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Sebi chief Buch, her husband deny conflict of interest allegations by Cong, call them motivated
