Mahindra responds to Congress’s allegations
Mahindra Group, one of the country’s leading industrial companies, on Tuesday rejected allegations by the Congress that Dhaval Buch, husband of Securities and Exchange Board of India (SEBI) Chairman Madhabi Puri Buch, had received bribes from the company. It is actually a case of conflict of interest.
Mahindra & Mahindra Limited has denied these allegations by the Congress. These allegations have been termed as “false and misleading”. The company told the stock exchange that Dhawal Puri had joined the Mahindra Group about three years before Madhabi Puri Buch was appointed as the head of SEBI.
Dhaval Buch was paid according to his experience
Mahindra Group says the payment made to Dhawal Buch was made specifically considering his supply chain expertise and management skills. This was based on his global experience at Unilever.
read this too
Responding to Congress’s allegations regarding SEBI’s approval, the company said that none of the five orders or approvals of SEBI is relevant. Also, three of these five orders are not related to any of its subsidiaries.
The company said one of the issues is the fast-track rights issue, for which SEBI approval was not required. The second is an order issued in March 2018, much before Dhawal Buch started working at Mahindra Group.
Congress had made these accusations.
The Congress on Tuesday alleged that SEBI Chairman Madhabi Puri Buch held a 99 per cent stake in a company called Agora Advisory Pvt Ltd when it was providing services to the Mahindra Group as an advisory firm. The Congress claimed that Madhabi Puri Buchke, her husband Dhawal Buchke, who was a whole-time member of SEBI, received Rs 4.78 crore from Mahindra & Mahindra between the year 2019 and 2021.
Congress general secretary Jairam Ramesh asked if Prime Minister Narendra Modi was aware of this game played by Madhabi. He wrote on the social media platform.
