Pidilite Industries has issued a statement in response to recent allegations by the Congress party, which suggest potential conflicts of interest involving several companies and Agora Advisory Private Limited. The allegations implicate Mahindra and Mahindra, ICICI, Dr. Reddy’s, Pidilite, Sembcorp, and Visu Leasing and Finance in availing consultancy services from Agora Advisory during Madhabi Puri Buch’s tenure as a whole-time director of the Securities and Exchange Board of India (SEBI).
Pidilite clarified that it engaged Mr. Dhaval Buch, Director of Agora Advisory, during the fiscal year 2019-20. Mr. Buch, a globally renowned supply chain and procurement professional, was hired to provide expertise in these areas. The company emphasized that it routinely collaborates with multiple partners and consultants who are experts in their respective fields.
In its statement, Pidilite further asserted that there have been no enquiries or cases from SEBI regarding the company. “The Company engages with multiple partners and consultants who are renowned professionals in their respective fields. As part of its routine requirements, the Company in FY 2019-20 had engaged Agora Advisory’s Mr. Dhaval Buch, a globally renowned supply chain and procurement professional, for his services in these areas. We further state that there have never been any enquiries or cases from SEBI vis-à-vis the Company,” the statement read.
The Congress party’s allegations suggest that the consultancy services availed from Agora Advisory by the named companies could have influenced SEBI during Madhabi Puri Buch’s term. However, Pidilite’s response firmly denies any impropriety or influence stemming from this engagement, reinforcing its commitment to operating within the bounds of applicable laws and regulations.
