India
‘Buch’s wife got Rs 4.78 crore from Mahindra group’: Congress raises stakes over Sebi; M&M reacts | India News – Times of India
NEW DELHI: The Congress on Tuesday leveled fresh allegations against Madhabi Puri-Buch, saying her husband received Rs 4.78 crore in income from Mahindra and Mahindra Group while Buch was handling arbitration cases of the group. It also said the Sebi chief had a 99% stake in Agora Advisory Pvt, a company that provided consultancy services to M&M, Dr Reddy’s and Pidilite among others.
The M&M Group responded to Congress’ allegations by calling them “false and misleading in nature.”
“The compensation is specifically and exclusively for Mr. Buch’s supply chain expertise and management acumen, based on his global experience at Unilever,” the company said. According to the company, Dhaval Buch joined M&M three years after Madhabi became Sebi’s chief executive.
Dr. Reddy’s Laboratories and Pidilite Industries also responded by saying that they had engaged the consultancy firm’s services because of the firm’s expertise in this area.
‘Is Prime Minister Modi aware that …’
Congress spokesperson Jairam Ramesh put a number of questions to Prime Minister Narendra Modi as he was part of the committee that appointed Buch to the top post.
“These are our latest revelations in the context of decisions motivated by personal gain, with the Sebi chairman himself under the scanner while probing securities violations by the Adani Group. Our questions are clearly directed at the non-organic chief minister who appointed him to the top post of Sebi,” he said.
What M&M said
Mahindra and Mahindra Group stated that none of the five Sebi orders or approvals mentioned in the allegations were relevant to the company.
Furthermore, it was clarified that three of these decisions do not apply to the company or its subsidiaries.
“One was a fast-track rights issue, which did not require Sebi approval. One was an order issued in March 2018, well before Mr Dhaval started working with the Mahindra Group,” the company said.
“We expressly state that at no point of time have we made any request for preferential treatment to the Sebi (Securities and Exchange Board of India),” the company added.
The M&M Group responded to Congress’ allegations by calling them “false and misleading in nature.”
“The compensation is specifically and exclusively for Mr. Buch’s supply chain expertise and management acumen, based on his global experience at Unilever,” the company said. According to the company, Dhaval Buch joined M&M three years after Madhabi became Sebi’s chief executive.
Dr. Reddy’s Laboratories and Pidilite Industries also responded by saying that they had engaged the consultancy firm’s services because of the firm’s expertise in this area.
‘Is Prime Minister Modi aware that …’
Congress spokesperson Jairam Ramesh put a number of questions to Prime Minister Narendra Modi as he was part of the committee that appointed Buch to the top post.
“These are our latest revelations in the context of decisions motivated by personal gain, with the Sebi chairman himself under the scanner while probing securities violations by the Adani Group. Our questions are clearly directed at the non-organic chief minister who appointed him to the top post of Sebi,” he said.
- Is the Prime Minister aware that
Mrs Madhabi P Book has a 99% stake in Agora Advisory Private Limited and receives huge fees from listed companies including Mahindra & Mahindra? - Is the Prime Minister aware of Ms Madhabi P. Buch’s links with this controversial entity?
- Is the Prime Minister aware that Mrs Madhabi P Buch’s husband is receiving a substantial income from Mahindra & Mahindra Ltd. after his retirement?
What M&M said
Mahindra and Mahindra Group stated that none of the five Sebi orders or approvals mentioned in the allegations were relevant to the company.
Furthermore, it was clarified that three of these decisions do not apply to the company or its subsidiaries.
“One was a fast-track rights issue, which did not require Sebi approval. One was an order issued in March 2018, well before Mr Dhaval started working with the Mahindra Group,” the company said.
“We expressly state that at no point of time have we made any request for preferential treatment to the Sebi (Securities and Exchange Board of India),” the company added.
