Mahindra Group rubbishes Congress's conflict of interest allegations over payments to SEBI chief Madhabi Buch's husband Dhaval Buch
Mumbai: The Mahindra Group has rejected recent allegations of a conflict of interest regarding payments to Dhaval Buch, the husband of SEBI chairperson Madhabi Buch, calling the claims "false and misleading."
In a statement to the stock exchange, the group explained that Dhaval Buch was hired for his supply chain management expertise, which he acquired during his global tenure at Unilever, and emphasized that none of the SEBI approvals mentioned in the allegations were related to the company's business activities.
"We categorically state that we have not, at any point, sought preferential treatment from Sebi," the company said, firmly denying any wrongdoing without directly addressing the political party behind the claims.
Congress leader Pawan Khera recently accused Madhabi and Dhaval Buch of continuing to benefit from Agora Advisory, a firm they co-owned, alleging that it received payments from Mahindra between 2019 and 2021 while Madhabi was a full-time SEBI member, reported India Today.
He also implied a potential conflict of interest, suggesting that SEBI issued favorable orders for Mahindra & Mahindra during that period.
The Mahindra Group refuted these claims, stating that the five SEBI orders or approvals mentioned in the allegations had no connection to the company.
It clarified that three of the orders did not involve Mahindra or its subsidiaries; one concerned a fast-track rights issue that did not require SEBI's intervention, and the other was from 2018, predating Dhaval Buch's association with Mahindra.
The group emphasized that Dhaval Buch was hired in 2019, after his retirement as Unilever’s Global Chief Procurement Officer, for his supply chain expertise.
His role primarily involved Mahindra’s subsidiary, Bristlecone, where he now serves on the Board.
It further pointed out that Dhaval Buch joined Mahindra almost three years before Madhabi Puri Buch became SEBI Chairperson, countering any allegations of impropriety.
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