PAC summons Sebi chairperson Madhabi Puri Buch and officials from DEA, TRAI, revenue dept: Report

The Public Accounts Committee (PAC) has summoned Sebi chief Madhabi Puri Buch on October 24 amid the controversy caused by the Hindenburg allegations

Updated on: Oct 5, 2024, 11:25:44 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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The Public Accounts Committee (PAC) of the parliament has summoned Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch along with other officials from the department of economic affairs and the department of revenue to appear on ctober 24, 2024, according to an Economic Times report.

Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch speaks during the Annual Capital Markets Conference 2024, in Mumbai, Friday, Aug. 2, 2024. (Shashank Parade/PTI)

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What is the Public Accounts Committee (PAC)?

The PAC is a committee of not more than 22 selected members of parliament (Who are not allowed to be ministers in the government) who audit the revenue and the expenditure of the Government of India.

15 of the members are elected by the Lok Sabha while seven are elected by the Rajya Sabha to serve as a check on the government's expenditure bill by examining the audit report of Comptroller and Auditor General (C&AG) after it is laid in Parliament.

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The PAC is currently headed by Congress leader KC Venugopal and has members from both the ruling NDA and the opposition INDIA blocs.

Why has the Public Accounts Committee (PAC) summoned Madhabi Puri Buch and other officials?

The summoning comes amid the controversy caused by US-based activist shortseller Hindenburg Research LLC alleging Madhabi Puri Buch and her husband Dhaval Buch had stakes in offshore funds related to the Adani Group, used to siphon money.

The couple, as well as the Adani Group firmly denied the allegations.

Apart from Buch and the aforementioned officials, even Telecom Regulatory Authority of India (TRAI) officials have been summoned, according to a Moneycontrol report.

Meanwhile, The revenue department officials were asked about goods and services tax (GST) frauds, to review reports by the C&AG regarding 2,447 cases involving revenue loss of ₹32,000 crore, and for recent notices being sent to corporates including IT giant Infosys, according to the report.

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