INSUBCONTINENT EXCLUSIVE:
Sebi chairperson Madhabi Puri Buch (right) and her husband Dhaval Buch (left)4 min read Last Updated : Sep 10 2024 | 6:03 PM IST
Mahindra
- Mahindra (M-M) on Tuesday refuted allegations levelled by the Congress that the conglomerate paid Dhaval Buch, husband of Madhabi Puri
Buch, chairperson of the Securities and Exchange Board of India (Sebi), to receive preferential treatment from the market regulator.
The
Sebi had issued nearly four orders against M-M.
M-M termed the allegations "false and misleading." It clarified that Dhaval was hired by
Mahindra Group in 2019 "specifically for his expertise in supply chain and sourcing," after he retired as Unilever's global chief
We maintain the highest standards of corporate governance," said the automaker in an exchange filing.
Dhaval is on the board of
Bristlecone, a subsidiary of M-M.
"He joined Mahindra Group almost three years before Madhabi Puri Buch was appointed Sebi chairperson
Unilever," said M-M.
The group added that none of the orders or approvals referred to in the Congress party's allegations were relevant,
as three of them did not pertain to the company or its subsidiaries, while one was a fast-track rights issue that did not require any
Another order, claimed by the Congress as a conflict of interest, was from March 2018, before Dhaval Buch started working with the Mahindra
clarified that they engaged the services of Dhaval Buch for leadership coaching for a limited period from October 2020 to April 2021, on the
basis of his past role at Unilever
In an exchange filing, the pharma major said that the total remuneration of Rs 6.58 lakh to Dhaval was in-line with that offered to other
Any suggestion that the Company was treated differently by Sebi as a result of this would be baseless and malafide
Khera, adding that his party will release more information this week
was "active" while the Sebi chairperson had claimed it had become dormant during her time at Sebi.
Hindenburg, a US-based short-seller,
had in its follow-up report stated that Agora generated Rs 2.54 crore in income between FY21 and FY24.
The website of India's Ministry of
Corporate Affairs showed Dhaval as director of Agora Advisory.
Earlier, Khera had alleged that the rental income from a firm affiliated
with Wockhardt, a pharmaceutical and biotechnology company, was a case of corruption
was first appointed a Sebi whole-time member in April 2017
She demitted office in October 2021 and once again joined the securities regulator as chairperson in March 2022.
Following the Hindenburg
allegations, both Sebi and the Buchs issued separate statements rebutting all the allegations, terming them baseless and an attempt at
character assassination.
The Congress party has also raised questions on the alleged payments and employee stock ownership plans (ESOPs)
to Buch from her former employer, ICICI Bank, both in terms of the amount and the frequency of payouts.
The private lender rejected the
allegations, saying Buch was not paid a salary or granted any ESOPs after her retirement in October 2013.
The bank added that its
employees had the choice to exercise their ESOPs anytime up to a period of 10 years from the date of vesting.First Published: Sep 10 2024 |
