Sebi Chairperson Madhabi Puri Buch and her husband Dhaval Buch on Friday issued a joint statement refuting allegations of conflict of interest made by the Congress party. The couple called the allegations “completely false, malicious and defamatory”.
Clarification on consulting roles
The Buches explained that Dhaval Buch’s consultancy work with companies such as Mahindra & Mahindra, Pidilite and Dr Reddy’s was merit-based and predated Madhabi’s tenure at Sebi. Mahindra & Mahindra also clarified that Dhaval was hired in 2019 for his expertise in supply chain management, years before Madhabi took up his role.
Response to allegations regarding ownership and rental
The couple addressed claims relating to rental income from a property rented to a Wockhardt associate and clarified that Madhabi had not been involved in any Sebi investigation related to the company. They confirmed that all necessary disclosures regarding the property had been made to Sebi since his appointment in 2017.
Clarification on ESOPs
The Buchs also rejected allegations of irregularities in Madhabi’s Employee Stock Options (ESOP) grant by ICICI Bank, saying the bank’s rules allow retired employees to exercise vested options over ten years.
Sebi chief Madhabi Puri Buch and her husband Dhaval Buch have strongly denied allegations of conflict of interest. They stressed that Dhaval’s consultancy roles and rental income were fully disclosed and predated her tenure at Sebi. Mahindra & Mahindra, Pidilite and Dr Reddy’s have also stood by the Buchs, confirming that there is no undue favouritism.
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