Mahindra Responds to Congress: Mahindra has issued a detailed response to the Congress party’s allegations involving Dhaval Buch, the husband of SEBI chief Madhabi Puri Buch. The Congress has claimed that Dhaval Buch received ₹4.78 crore from the Mahindra Group between 2019 and 2021, suggesting that this income, received in a personal capacity, could be suspicious given Madhabi Buch’s role in adjudicating cases related to the Mahindra Group during that period. In this context, Mahindra responds to Congress, emphasizing their position on the matter.
Mahindra Responds to Congress: Clarifying Dhaval Buch’s Role and Income
In its response, Mahindra emphasized that Dhaval Buch, who joined the company in 2019, was hired for his expertise in supply chain management. Dhaval Buch, who had previously retired from Unilever, was brought on board to leverage his knowledge and experience in this area. Mahindra pointed out that Dhaval Buch’s appointment predates Madhabi Puri Buch’s appointment as SEBI chairperson by nearly three years.
The company further refuted any alleged connection between Dhaval Buch’s income and SEBI’s actions, stating that the claims made by the Congress are unfounded. Mahindra clarified that none of the five SEBI orders or approvals cited in the allegations pertain to Mahindra or its subsidiaries. Specifically, one of the orders in question related to a fast-track rights issue that did not require SEBI approval. Additionally, another order was issued in March 2018, well before Dhaval Buch began working with the Mahindra Group.
Mahindra Responds to Congress: Addressing Fresh Conflict of Interest Claims
The Congress party has introduced new allegations against Madhabi Buch, accusing her of a conflict of interest. They claim that Buch received ₹2.95 crore through her consulting firm, Agora Advisory Private Limited, from companies including Mahindra and Mahindra after she became a full-time member of SEBI and subsequently its chairperson. According to Pawan Khera of the Congress, Agora continued to operate and generate revenue despite Madhabi Buch’s claims that the firm had become dormant. Khera alleged that Madhabi Buch retained a 99% stake in Agora as of March 31, 2024, accusing her of willful concealment.
In its defense, Mahindra highlighted that ₹2.59 crore of the ₹2.95 crore received by Agora came from their group alone. The Congress also previously accused Madhabi Buch of holding an office of profit at ICICI Bank, claiming she received ₹16.80 crore between 2017 and 2024. ICICI Bank has denied these claims, asserting that no salary payments were made to Buch.
Moreover, last week, the Congress alleged that Madhabi Buch received rental income from an entity linked to a Mumbai company under SEBI investigation for various cases, including insider trading. These allegations continue to fuel the controversy surrounding the SEBI chief’s tenure and her association with the Mahindra Group.
Mahindra’s response emphasizes the company’s commitment to transparency and the integrity of its business operations. The company asserts that all claims made by the Congress are baseless and aimed at discrediting its operations and leadership.
You might also be interested in – SEBI Employees Raise Concerns Over ‘Toxic Work Culture’ to Government, Cite Shouting and Public Humiliation as Norm
