Mahindra's clarification on Congress' charges of Sebi chief earning through them: ‘False and misleading’

Mahindra denied Congress allegations regarding Madhabi Puri Buch's earnings asserting they never sought preferential treatment from Sebi.

Mahindra responded to Congress allegations on Madhabi Puri Buch earning through them after the opposition party said that the Sebi chief earned money via companies including Mahindra and Mahindra Limited, Dr. Reddy’s, Pidilite, ICICI, Sembcorp and Visu Leasing & Finance and made 2.75 crores during her tenure as the chief of India's top securities exchange entity.

Sebi chief Madhabi Buch is seen. Mahindra Group clarified that approvals related to Sebi did not involve them and emphasized Dhaval Buch's role was based on his supply chain expertise.

Congress alleged that Madhabi Puri Buch and her husband own 90 per cent shares in a company called 'Agora' which is associated with companies that are currently under Sebi's investigations. This follows allegations by Hindenburg Research in August against Sebi boss which claimed that Madhabi Puri Buch had investments in an Adani oversees shell company.

Mahindra Group said, “We categorically state that we have not, at any point, requested SEBI for any preferential treatment. We maintain the highest standards of corporate governance.”

It added, “Three out of the five approvals or orders of SEBI do not pertain to the Company or any of its subsidiaries. One was a fast-track rights issue, which did not require any approval from SEBI. One was an order issued in March 2018, well before Dhaval Buch started working with the Mahindra Group.”

Dhaval Buch joined Mahindra Group almost 3 years before Madhabi Puri Buch was appointed as SEBI Chairperson, the company said, adding, “Dhaval Buch has spent most of his time at Bristlecone, a subsidiary which is a supply chain consulting company. He is currently on the Board of Bristlecone.”

It further said, “Compensation has been specifically and only for Dhaval Buch’s supply chain expertise and management acumen, base on his global experience at Unilever.”