Responding to the recent allegations by the Indian National Congress that suggested conflict of interest on payments made to Dhaval Buch, husband of SEBI Chairperson Madhabi Buch, Mahindra & Mahindra on Tuesday labelled the allegations as “false and misleading in nature”.
In a regulatory filing, Mahindra & Mahindra said, “Mahindra Group hired Mr Dhaval Buch in 2019 specifically for his expertise in supply chain and sourcing, soon after he retired as Unilever’s Global Chief Procurement Officer.” It also said that the compensation has been specifically and only for Dhaval Buch’s supply chain expertise and management acumen, based on his global experience at Unilever. The company further added that Dhaval Buch spent most of his time at Bristlecone, a subsidiary which is a supply chain consulting company where he currently serves as a board member.
Mahindra Group further highlighted that Dhaval Buch joined the company almost 3 years before Madhabi Puri Buch was appointed as SEBI Chairperson.
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Earlier, Congress leader Pawan Khera had raised accusations claiming that Madhabi and husband Dhaval Buch had continued to earn from the advisory firm. He had said that Agora Advisory – a company held by Sebi’s Madhabi and her husband – was claimed as dormant, but received funds from Mahindra and Mahindra between 2019-21, while she was a whole-time member of SEBI. He also suggested that Sebi issued favourable orders during that time for Mahindra & Mahindra, implying a potential conflict of interest.
Congress also alleged that in this period, there were favourable orders issued to Mahindra & Mahindra, a charge that has been denied by the company. “None of the 5 SEBI orders or approvals referenced in the allegations are relevant. Details are: – three out of the five approvals or orders of SEBI do not pertain to the company or any of its subsidiaries. – one was a fast-track rights issue, which did not require any approval from SEBI. – one was an order issued in Mar 2018, well before Mr. Dhaval started working with the Mahindra Group,” it said in a filing on BSE.
“We categorically state that we have not, at any point, requested SEBI for any preferential treatment. We maintain the highest standards of corporate governance,” it said.
From: financialexpress
Financial News
