Dr. Reddy’s Laboratories has issued a statement addressing recent allegations made by the Congress party regarding the company’s engagement with Agora Advisory Private Limited. These allegations suggest potential conflicts of interest during the tenure of Madhabi Puri Buch as a whole-time director at the Securities and Exchange Board of India (SEBI).
Dr. Reddy’s clarified that it engaged Agora Advisory for a limited period from October 2020 to April 2021, specifically for leadership coaching services provided by Mr. Dhaval Buch. The total remuneration for these services amounted to Rs. 6,58,000 (six lakh, fifty-eight thousand rupees only).
The company emphasized its routine practice of engaging external coaches to facilitate significant role transitions for its leaders. “Mr. Dhaval Buch’s extensive experience with Unilever, both in India and globally, made him well-suited to coach the identified leader within our company. The remuneration paid to Mr. Buch was consistent with that of other coaches,” the statement read.
Dr. Reddy’s further asserted that the coaching assignment concluded well before Madhabi Puri Buch’s term as SEBI Chairperson. The company categorically denied any implications of preferential treatment by SEBI, labeling such suggestions as “baseless and malafide.”
In response to the broader allegations from the Congress party, which named several prominent companies including Mahindra and Mahindra, ICICI, Pidilite, Sembcorp, and Visu Leasing and Finance, Dr. Reddy’s reaffirmed its commitment to operating in full compliance with all applicable laws and regulations.
