Sebi Chairperson Madhabi Puri Buch and her husband Dhaval Buch released a joint statement on Friday, refuting conflict of interest claims made by the Congress party. The couple described the accusations as "completely false, malicious, and defamatory."
Clarification on consulting roles
The Buchs explained that Dhaval Buch's consulting work with companies such as Mahindra & Mahindra, Pidilite, and Dr. Reddy's was merit-based and predated Madhabi's tenure at Sebi. Mahindra & Mahindra also clarified that Dhaval was hired in 2019 for his expertise in supply chain management, years before Madhabi assumed her role.
Response to property and rental allegations
The couple addressed claims regarding rental income from a property leased to a Wockhardt associate, clarifying that Madhabi had no involvement in any Sebi investigations concerning the company. They confirmed that all necessary disclosures regarding the property were made to Sebi since her appointment in 2017.
Clarification on ESOPs
The Buchs also rejected allegations about irregularities in Madhabi's Employee Stock Options (ESOPs) from ICICI Bank, stating that the bank's rules allow retired employees to exercise vested options over ten years.
Sebi Chief Madhabi Puri Buch and her husband, Dhaval Buch, have firmly denied conflict of interest allegations. They stressed that Dhaval’s consulting roles and their rental income were fully disclosed and predated her tenure at Sebi. Mahindra & Mahindra, Pidilite, and Dr. Reddy's have also supported the Buchs, confirming no undue favouritism.
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