Madhabi Buch maintained complete silence for weeks: Hindenburg on Congress' allegations against SEBI chief
Madhabi Buch has maintained her complete silence for weeks on all of the emerging issues.
«Buch has maintained her complete silence for weeks on all of the emerging issues,» said the shortseller in a post on X.
In reaction, Hindenburg said «New allegations have emerged that the private consulting entity, 99% owned by SEBI Chair Madhabi Buch, accepted payments from multiple listed companies regulated by SEBI during her time as SEBI Whole-Time Member. The companies include: Mahindra & Mahindra, ICICI Bank, Dr. Reddy’s and Pidilite. These allegations apply to Buch's Indian consulting entity with no details thus far on Buch's Singapore-based consulting entity.»
Congress' allegations against Buch:
The opposition Congress party doubled down on its accusations against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, saying that a consultancy firm promoted by her had earned about Rs 3 crore, with most of the money coming from Mahindra & Mahindra (M&M), alleging a “criminal conspiracy.” At the time, Buch was a whole-time member of SEBI, which was adjudicating cases of the group, amounting to conflict of interest under Section 5 of the SEBI code on the matter, according to the party. Buch holds 99% of the consultancy Agora Advisory Private Ltd, “which has been actively providing advisory/consultancy services till date,” the party said. This also contradicts her statement that the advisory firm became “immediately dormant on her appointment with SEBI,” it said. Buch didn’t respond to queries. M&M
