Cong levels more conflict of interest allegations against SEBI chief Buch
New Delhi: The Congress on Tuesday claimed that SEBI chairperson Madhabi Buch had a 99 per cent stake in a firm when it provided consultancy services to Mahindra and Mahindra Group and her husband received Rs 4.78 crore as income from the conglomerate while she was adjudicating cases of
the same group.
Congress president Mallikarjun Kharge alleged that the SEBI’s institutional integrity as a robust market regulator has been “tarnished” by Prime Minister Narendra Modi to save
his “crony friends”.
The Mahindra and Mahindra Group dismissed the allegations as “false and misleading in nature”. The group categorically stated that it had not at any point requested the SEBI for any preferential treatment.
“We maintain the highest standards of corporate governance,” a spokesperson of the Mahindra and Mahindra Group said.
In a post on X, Congress chief Kharge said: “The Mega Modi-Adani Scam is being investigated by SEBI. SEBI chairperson has multiple issues of conflict of interest. Congress party has now revealed numerous such instances.”
“Modi-Shah led committee appointed the SEBI Chairperson. Did they deliberately appoint her to benefit their crony friends? Or were they unaware of the shady financial dealings? Are SEBI orders on regulated companies, now, contingent on the consultancy fee its chairperson receives through a shady company? Is this ‘Na Khaunga, Na Khane Doonga’?” he said.
“The hard-earned money of 10 crore stock market investors has been jeopardised by this mega scandal choreographed by Modi ji!” he alleged.
Congress general secretary Jairam Ramesh asked whether Prime Minister Modi was aware that Buch owns 99 per cent of Agora Advisory Private Limited and is receiving significant fee from listed entities, including Mahindra and Mahindra.
Putting out a fresh set of “revelations” on the issue of conflict of interest involving the SEBI chairperson, Ramesh wrote: “Our questions are directed pointedly at the non-biological PM who appointed her in the first place – is the Prime Minister aware that Madhabi Buch owns 99 per cent of Agora Advisory Private Limited and is receiving significant fee from listed entities, including Mahindra & Mahindra?”
“What kind of consultancy services does Agora Advisory Private Limited provide and are they financial in nature and is the prime minister aware of Buch’s ties to a conflicted entity. Is the Prime Minister aware that Ms. Madhabi Puri Buch’s spouse is receiving a substantial income from M&M Limited after his
retirement?” he asked.
