Finance Minister Nirmala Sitharaman on Monday said that Sebi chairperson Madhabi Puri Buch and her husband Dhaval Buch are defending themselves and putting out facts which contradict the allegations of Congress.
To a question on her assessment of the situation involving Madhabi Puri Buch, the minister said: “Quite a few of the allegations have been answered… I think the facts will have to be taken on board.” This is for the first time that Sitharaman has spoken on the issue.
On being asked whether she was satisfied with Madhabi Puri Buch’s answers, Sitharaman said, “I’m not here to judge that.” The minister was speaking at News18 India Chaupal.
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In a joint statement issued last Friday, Sebi chairperson Madhabi Puri Buch and her husband Dhaval Buch had denied the allegations of impropriety and conflict of interest levelled by Congress, saying they are false, malicious and motivated.
In a point by point rebuttal of the Congress allegations, Buchs said Madhabi has made all disclosures and followed Sebi’s recusal guidelines.
In the joint statement — the second since US-based short seller Hindenburg Research charged her of not being motivated enough to act on allegations against Adani group due to conflict of interest — Buchs also addressed issues raised by opposition Congress over receiving payments from her previous employer ICICI Bank while being a whole time member of Sebi.
The statement said Madhabi Buch never dealt with any file involving Agora Advisory and Agora Partners — the advisories where she held 99 per cent and continued to earn revenue even after she joined the market regulator body Sebi in 2017.
According to the statement, she never handled files involving the Mahindra Group, Pidilite Industries, Dr Reddy’s Laboratories Ltd, Alvarez and Marsal, and Sembcorp — the firms that had employed her husband at some time during her stint at Sebi — as also that pertaining to her previous employer ICICI Bank at any stage after joining the regulator.
The payments that she got from ICICI Bank while being in Sebi pertained to contributory annuity scheme and exercising of ESOPs at various stages over 10 years.
While Hindenburg had alleged that the Buchs had previous investments in a fund that was part of network of funds used by two Adani associates to round-trip money and inflate group stock prices, the Congress alleged conflict of interest in dealings with ICICI, where she worked until 2011, as well as with Mahindra Group and four other companies due to consulting fees given by them to her husband Dhaval Buch.
“We are upright and honest professionals and have led our respective professional lives with transparency and dignity,” Buchs said, describing their work record as “unblemished” and that they will demolish all “motivated allegations even in future”.
From: financialexpress
Financial News
