Madhabi Puri Butch and her husband Dhaval Butch
The controversies surrounding SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch are deepening. First, Madhabi Puri Buch’s name appeared in the Hindenburg Research report and now the issue of Congress making serious allegations against her husband Dhaval Buch for serving in different companies is making headlines. First, Mahindra & Mahindra rejected the allegations of the Congress and defended the appointment of Dhaval Buch. Now other companies have also expressed their opinion on the matter.
Following Mahindra Group, Dr Reddy’s Laboratories and Pidilite Industries on Tuesday rejected the Congress’s allegations. These companies say they had engaged the services of Dhaval Butch only because of his professional experience. While the Congress party accused SEBI Chairman Madhavi Puri Buch of conflict of interest regarding these appointments.
Congress made this statement.
The main opposition party Congress claims that SEBI chairperson Madhabi Puri Buch provided advisory services to Mahindra & Mahindra (M&M), a company in which she held a 99 per cent stake. Her husband Dhaval Buch earned an income of Rs 4.78 crore from the Mahindra Group for this work. At the same time, Madhabi Puri was resolving matters related to the Buch Mahindra Group. Mahindra Group, in its disclosure to the stock exchange, refuted the allegations made by Congress regarding the payment made to Dhaval Buch. It has called them false and misleading. The company said Dhaval Buch had joined the Mahindra Group about three years before his wife Madhabi Puri Buch became the SEBI chairperson.
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Dr. Reddy and Pidilite’s response
On the allegations by the Congress, Dr Reddy’s Laboratories said it made a total payment of Rs 6.58 lakh to Dhaval Buch’s advisory firm for a limited period from October 2020 to April 2021. Dhawal Buch’s Agora Advisory Private Limited has professional expertise in supply chain management. The firm regularly makes such appointments and Dhawal Buch was appointed keeping in mind his global experience at Unilever.
Pidilite Industries says it partners with many partners and advisors. These are renowned professionals in their respective fields. The company had appointed Dhaval Buch of Agora Advisory in the financial year 2019-20 to meet its regular requirements. At the same time, the SEBI never conducted any investigation or filed any case against it.
