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New Delhi
The country's principal opposition party, the Indian National Congress (INC), has in a fresh claim said that SEBI chief Madhabi Puri Buch's advisory firm and her husband, Dhaval Buch, earned nearly a million dollars from six listed companies, including automaker giant, Mahindra and Mahindra (M&M).
Congress said Dhaval received $570,000 (Rs 4.78 crore) as income in a "personal capacity" from M&M Group between 2019-2021.
It also claimed that Agora Pvt Ltd, an advisory service provider owned by Madhabi, and named in the Hindenburg report last month, was earning money despite the SEBI chief asserting that it was dormant after she took charge at the market regulator.
"This company belongs to Madhabi Puri Buch and her husband, but Madhabi had denied this after the Hindenburg report came out. In that denial, he wrote that since the time it went to SEBI, this company has been dormant. But Madhabi still has 99 per cent stake in this company," Congress spokesperson Pawan Khera said.
Congress said the firm generated revenue of $351,287 (Rs 2.95 crore) between 2016-2024 and included Mahindra and Mahindra Limited, Dr Reddy’s, Pidilite, ICICI, Sembcorp, Visu Leasing & Finance as clients.
The party added that 88 per cent of the total money that Agora Advisory received came from Mahindra & Mahindra Group alone.
"If this was not shocking enough, the SEBI chairperson’s husband - Dhaval Buch received Rs 4.78 Crores as income in a personal capacity from the M&M. This is in addition to the Rs 2.95 crores received by ‘Agora Advisory Private Limited’ through its consultancy/advisory services," Congress added.
The party has alleged that the transfer of money to the firm and in Dhaval's account, cumulatively amounting to a million dollars, took place at a time when Madhabi, a full-time member of SEBI, was "adjudicating cases of the same group".
Watch | Congress: SEBI chair 'is not responding, but ICICI is. Why?'
Mahindra and Mahindra responds, says allegations false and misleading
M&M responded to the allegations by terming them as "false and misleading in nature".
"We categorically state that we have not, at any point, requested SEBI for any preferential treatment. We maintain the highest standards of corporate governance," said the company in a statement.
The automaker said Dhaval was hired by the company in 2019 specifically for his expertise in supply chain and sourcing, soon after he retired as Unilever's global chief procurement officer.
It added that Dhaval joined the company almost three years before Madhabi was appointed as SEBI chair.
Dr Reddy’s Laboratories also issued a clarification. The company stated that their engagement with Agora Advisory lasted from October 2020 to April 2021, during which 'Dhaval Buch provided leadership coaching'.
(With inputs from agencies)