Madhabi Puri Buch and Dhaval Buch have issued a statement addressing recent allegations about their professional conduct. They emphasize that these claims, which have surfaced in various campaigns, are unfounded and misleading.
Key Points from the Statement:
- Dhaval Buch’s Consulting Assignments: Questions have been raised about Dhaval Buch’s work with Agora Advisory and Agora Partners. He is a seasoned professional with over 35 years of experience, including a significant tenure at Hindustan Unilever. Post-retirement, he joined Mahindra & Mahindra before Madhabi became SEBI Chairperson. Companies such as Mahindra & Mahindra, Pidilite, and Dr. Reddy’s have defended his consulting work, stating that his engagements were based on his expertise and not influenced by his spouse’s position.
- Rental Income Concerns: The couple has also faced scrutiny over rental income from a property leased to an associate of Wockhardt. Madhabi Puri Buch did not handle any related files at SEBI, and the rental agreement was made following standard market practices. All income and taxes have been properly declared.
- ICICI Bank ESOPs: Allegations concerning Madhabi’s Employee Stock Options (ESOPs) from ICICI Bank have been addressed. Madhabi retired from ICICI Bank, which allowed her up to 10 years to exercise her options. The bank’s process of collecting and paying the perquisite tax (TDS) was followed correctly. Additionally, SEBI’s guidelines permitted board members to hold and transact ESOPs, with all necessary disclosures made.
Both Madhabi and Dhaval stress that these allegations are baseless and aim to tarnish their reputations and the integrity of respected institutions. They reaffirm their commitment to transparency and adherence to legal and ethical standards.
