Congress intensifies attack on SEBI chief for receiving more retiral benefit than salary from ICICI Bank
The chairperson of the Securities and Exchange Board of India (SEBI), Madhabi Puri Buch
The Indian National Congress (INC) on Tuesday (Sep 3)intensified its attacks on Madhabi Puri Buch, a day after accusing her ofreceiving salary from ICICI Bank while serving as the SEBI chairperson, leading to a conflict of interest.
Congress, the country's largest opposition party, questioned how Buch's retiral benefits from her stint at the bank were more than the salary she drew.
"How can the retirement benefits be more than the salary she drew when she was with ICICI? Her average annual salary at ICICI was Rs 1.30 crore. However, her average pension and other retiral benefits turned out to be Rs 2.77 crore. How is it even possible?" questionedCongress leader Pawan Khera in a press conference.
"There is a particular year which shows no salary (drawn by Buch). This technically ended her relationship with ICICI. But when she became a whole-time member of Sebi, this relationship resumed," Khera said.
"We now want to demand the Sebi to come out clean and respond to our charges."
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Buch's Kochhar connection
On Monday, Dr Subhash Chandra, Chairman Emeritus, Zee Entertainment Enterprises Ltd. (ZEEL), also alleged that Buch had a connection with embattled former ICICI chairmanChanda Kochhar.
"ICICI Bank and my investigation tells me that Madhabi Puri Buch and Chanda Kochhar at that time, were constantly on phone calls," said Chandra.
"She was the very close person, and Chanda Kochhar was the one who was giving the money to her, which has been revealed today this morning, for crores of rupees, she was taking illegally from ICICI."
ICICI Bank clarifies
Congress raised the questions after ICICI Bank released a statement on Monday, clarifyingit had paid no salary to Buch after her retirement.
"ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms Madhabi Puri Buch after her retirement, other than her retiral benefits," said the bank.
"All the payments made to Ms Buch post her retirement had accrued to her during her employment phase with the ICICI Group. These payments comprise ESOPs and retiral benefits," the statement added.
The Indian market regulator has come under intense scrutiny ever since US-based short seller, Hindenburg Research, released a report alleging that Buch invested money in an obscure offshore fund that tied her to the Adani Group and its syphoning of funds case.
(With inputs from agencies)