Shocking Revelation: M&M Defiantly Refutes Congress’s Scathing Allegations of Buchs Favoritism | Breaking Markets News
Mahindra & Mahindra Denies Congress Allegations of Preferential Treatment from SEBI
Mahindra & Mahindra (M&M) has dismissed allegations from the Congress party that it paid Dhaval Buch, husband of SEBI Chairperson Madhabi Puri Buch, to attain favorable treatment from the market regulator. Congress claimed that between 2019 and 2021, Dhaval received Rs 4.78 crore from M&M while SEBI issued several orders against the company.
M&M stated that Dhaval was hired in 2019 for his expertise in supply chain management following his retirement as Unilever’s global chief procurement officer. The automaker affirmed no solicitation for preferential treatment from SEBI had occurred and that the company upholds high standards of corporate governance. M&M clarified that three of the SEBI orders cited by Congress did not pertain to the company or its subsidiaries, while the fourth order was a rights issue exempt from SEBI approval.
Additionally, Congress alleged Madhabi Puri Buch’s consultancy firm, Agora Advisory, which she co-founded with her husband, received income from M&M, Dr. Reddy’s Laboratories (DRL), Pidilite, ICICI Group, and other organizations while she held positions at SEBI. DRL confirmed engaging Dhaval for a limited coaching role from October 2020 to April 2021. Pidilite also stated it hired Agora Advisory for routine supply chain and procurement expertise.
Congress leader Pawan Khera accused the Buchs of conflict of interest and promised further disclosures, while Hindenburg Research reported Agora Advisory’s income during Buch’s tenure. Other firms such as Wockhardt denied allegations of corruption and conflict of interest related to financial relationships with Buch.
Madhabi Puri Buch first joined SEBI in 2017, left in 2021, and returned as chairperson in 2022. Both SEBI and the Buchs have refuted the allegations, describing them as baseless attacks on their character. ICICI Bank also denied claims regarding her post-retirement salary and stock options.
First Published: Sep 10, 2024 | 4:24 PM IST
Original Story https://www.business-standard.com/markets/news/m-m-refutes-congress-allegations-against-sebi-chief-s-husband-dhaval-buch-124091000857_1.html
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