‘Buch’s spouse got Rs 4.78 crore from Mahindra group’: Congress ups ante over Sebi; M&M…

NEW DELHI: Congress on Tuesday levelled fresh allegations against Madhabi Puri-Buch saying that her spouse received Rs 4.78 crore income from Mahindra and Mahindra Group while Buch was arbitrating cases from the group. It also said that the Sebi chief had 99% stake in Agora Advisory Pvt, a firm which provided consultancy services to M&M, Dr Reddy’s and Pidilite among others.
The M&M group responded to the Congress’ allegations calling it “false and misleading in nature.”
“Compensation has been specifically and only for Mr Buch’s supply chain expertise and management acumen, based on his global experience at Unilever,” the company said.It said that Dhaval Buch joined M&M three years after Madhabi became Sebi chief.
Further, Dr Reddy’s Laboratories and Pidilite Industries too responded saying that it appointed services of the consultancy firm considering its expertise in the area.
‘Is PM Modi aware that … ‘
Congress spokesperson Jairam Ramesh posed a series of question to Prime Minister Narendra Modi as he was a part of the committee that appointed Buch to the top post.
“These are our latest revelations in the context of decisions motivated by personal gain, in which the Sebi Chairperson herself is under the scanner as she is investigating securities violations by the Adani Group. Our questions are clearly to the non biological Prime Minister who appointed him to the top post of Sebi,” he said.

What M&M said
The Mahindra and Mahindra Group said that none of the five Sebi orders or approvals mentioned in the allegations were pertinent to the company.
Furthermore, they clarified that three of these orders do not apply to the company or its subsidiaries.
“One was a fast-track rights issue, which did not require any approval from Sebi. One was an order was issued in Mar(ch) 2018, well before Mr Dhaval started working with the Mahindra Group,” the company said.
“We categorically state that we have not, at any point, requested Sebi (Securities and Exchange Board of India) for any preferential treatment,” it added.