Mahindra Denies Seeking Preferential Treatment from SEBI Amidst Congress Allegations
Mumbai, 10th September 2024: Mahindra Group has addressed Congress allegations regarding Madhabi Puri Buch’s earnings, which were raised after the opposition party claimed that the SEBI chief earned ₹2.75 crore from companies such as Mahindra & Mahindra Limited, Dr. Reddy’s, Pidilite, ICICI, Sembcorp, and Visu Leasing & Finance during her tenure.
Congress has also alleged that Madhabi Puri Buch and her husband own 90% of shares in ‘Agora,’ a company linked to entities currently under SEBI investigation. These claims follow allegations from Hindenburg Research in August, which suggested that Madhabi Puri Buch had investments in an Adani offshore shell company.
In response, Mahindra Group stated, “We firmly deny that we have ever sought any preferential treatment from SEBI. We uphold the highest standards of corporate governance.”
The company clarified, “Out of the five SEBI approvals or orders mentioned, three are unrelated to us or our subsidiaries. One was a fast-track rights issue that did not require SEBI approval, and another was an order from March 2018, before Dhaval Buch’s tenure with Mahindra Group.”
Mahindra Group also noted that Dhaval Buch joined the company nearly three years before Madhabi Puri Buch became SEBI Chairperson. “Dhaval Buch’s primary role has been at Bristlecone, a subsidiary specializing in supply chain consulting. He is currently on Bristlecone’s Board,” the statement continued.
Additionally, the company emphasized, “Dhaval Buch’s compensation is solely based on his expertise in supply chain management and his global experience at Unilever.”
