INSUBCONTINENT EXCLUSIVE:
(Photo: PTI)4 min read Last Updated : Sep 13 2024 | 9:00 PM IST
Ending their silence on the allegations levelled by the Congress,
Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (Sebi), and her husband Dhaval Buch on Friday said that their
the Buchs rebutted almost all the accusations levelled by the main opposition party in a series of press conferences
rubbished allegations of conflict of interest, corruption and lack of transparency, particularly with regard to the income generated from
her ex-employer, the ICICI Group, and other corporates through their consultancy firm Agora Advisory.
Labelling the various claims as
instalments, only to keep the pot boiling
If the objective had been to arrive at the truth rather than to malign individuals and institutions with distortions of facts, we wonder why
all allegations would not be brought out, in public, at one go
ICICI Group, the Buchs clarified that Sebi guidelines permit board members and chairperson to hold and transact in ESOPs
transactions were also disclosed.
The Buchs added that Madhabi has never dealt with any files related to the ICICI Group, the Mahindra
Madhabi exercised her options and the prevailing market prices at the relevant time and the quantity of ESOPs exercised, the perquisite
value is bound to vary each year
If no ESOPs were exercised in a given year, there would be zero value attached to it and this would be bound to be reflected in the returns
are vested for three years only with employees who resign, while those like Madhabi who retired at senior positions have a 10-year window to
private equity (PE) firm in Singapore
She superannuated from ICICI Bank as per the norms and her arrangement with the PE firm was legal and transparent with disclosures made to
both the entities.
In the joint statement, the couple refuted claims of getting incomes from corporates in return for favour, by stating
that such questions were defamatory to the companies.
The companies earlier stated that they had taken services of Dhaval Buch for his
experience in leadership roles and expertise in the supply-chain gained from his long stint at Unilever
Wockhardt, to which the couple said that while the details of the property were shared with Sebi, Madhabi never dealt with any files of the
dignity, earning an unblemished record..
We are confident that we will be able to demolish all such motivated allegations even in future, while reserving our right to take
returns clearly have been obtained illegally by adopting fraudulent means
This is a clear breach of not only our right to privacy (which is a fundamental right) but also a violation of the Income Tax Act," said the
couple.First Published: Sep 13 2024 | 3:35 PMIST
