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Cong Alleges SEBI Chief’s Conflict Of Interest Citing ‘Payments’ To Husband; Mahindra Dismisses

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The Congress on Tuesday levelled serious allegations against SEBI Chairperson Madhabi Buch, claiming she had a 99 per cent stake in a consultancy firm that provided services to the Mahindra and Mahindra Group, while her husband, Dhaval Buch, received Rs 4.78 crore from the conglomerate. The party accused Buch of adjudicating cases related to the same group during this period.

Jairam Ramesh, Congress General Secretary in charge of communications, questioned whether Prime Minister Narendra Modi was aware of Buch’s ownership of Agora Advisory Private Limited. He asked if the Prime Minister knew that Buch’s company was receiving substantial fees from listed entities, including Mahindra and Mahindra.

Ramesh shared further revelations on social media, directing his questions towards Prime Minister Modi. “Is the Prime Minister aware that Madhabi Buch owns 99 per cent of Agora Advisory Private Limited and is receiving significant fees from listed entities, including Mahindra & Mahindra? What kind of consultancy services does Agora Advisory Private Limited provide, and are they financial in nature? Is the Prime Minister aware of Buch’s ties to a conflicted entity?” he questioned. 

Ramesh further asked if the Prime Minister was aware that Buch’s spouse was receiving a substantial income from Mahindra & Mahindra Limited after his retirement.

“The Mahindra and Mahindra Group dismissed the allegations as false and misleading, asserting that they had not sought any preferential treatment from SEBI. ‘We maintain the highest standards of corporate governance,’ a spokesperson for the group stated.

Congress President Mallikarjun Kharge took to X and “The institutional integrity of SEBI as a robust Market Regulator has been tarnished by PM @narendramodi to save his crony friends! The Mega Modi-Adani Scam is being investigated by SEBI. SEBI Chairperson has multiple issues of conflict of interest. Congress party has now revealed numerous such instances. Modi-Shah led committee appointed the SEBI Chairperson.”

“1⃣Did they deliberately appoint her to benefit their crony friends? Or were they unaware of the shady financial dealings? 2⃣Are SEBI orders on regulated companies, now, contingent on the CONSULTANCY FEES its Chairperson receives through a shady company? Is this ‘Na Khaunga, Na Khane Doonga’ ? The hard-earned money of 10 crore stock market investors has been jeopardised by this MEGA SCANDAL choreographed by Modi ji !” he remarked.

ALSO READ | ‘Conflict Of Interest’ To ‘Toxic Culture’: Four Major Allegations Against SEBI Chief Madhabi Puri Buch

Congress Alleges ‘Criminal Conspiracy’ Claiming SEBI Chief’s Conflict Of Interest

Earlier, at a press conference held at the AICC headquarters, Congress media and publicity department head Pawan Khera highlighted that the recent Hindenburg report alleged Buch held 99 per cent shares in Agora Advisory Private Limited, a company incorporated on 7 May 2013, which claims to provide various advisory services.

Although Madhabi Buch had stated that the consulting firms she established in Singapore and India, including Agora Advisory Private Limited, became “immediately dormant” upon her SEBI appointment, Khera claimed that as of 31 March 2024, Buch still owns 99 per cent of the Indian entity, which has been actively providing consultancy services. “This isn’t just a case of wilful concealment; it’s a case of wilful lying… Today’s revelations prove that it is not just corruption — it is a criminal conspiracy, absolutely brazen and shameless in its execution,” Khera alleged.

Khera further questioned which companies were availing services from Agora Advisory Private Limited and whether any were under SEBI’s scrutiny. He cited that between 2016-17 and 2023-24, Buch received Rs 2.95 crores through Agora Advisory Private Limited, with the exception of 2017-18 and 2018-19. He listed Mahindra and Mahindra Limited, Dr. Reddy’s, Pidilite, ICICI, Sembcorp, and Visu Leasing and Finance as companies that availed consultancy services from Buch’s firm, all of which are regulated by SEBI. He asserted that any income Buch’s firm received from these entities amounts to a conflict of interest and violates Section 5 of SEBI’s Code on Conflict of Interest for Members of the Board.

Khera pointed out that of the Rs 2.95 crores received by Agora Advisory Private Limited, Rs 2.59 crores came from Mahindra & Mahindra Group alone. He also alleged that Dhaval Buch received Rs 4.78 crores as income from Mahindra & Mahindra Group while his wife, Madhabi Buch, was adjudicating cases related to the same group. “The year of settlements and the year of receipt of income by Dhaval Buch serendipitously coincide,” Khera added.

Mahindra and Mahindra Group Dismisses Congress Allegations

In response, the Mahindra and Mahindra Group clarified that Dhaval Buch was hired in 2019 for his expertise in supply chain and sourcing after retiring as Unilever’s Global Chief Procurement Officer. The group stated that he spent most of his time at Bristlecone, a subsidiary specialising in supply chain consulting, and that his compensation was specifically for his supply chain expertise and management acumen.

The group noted that none of the SEBI orders or approvals referenced in the allegations pertained to the company or its subsidiaries, with one fast-track rights issue not requiring SEBI approval and another order issued in March 2018, before Dhaval Buch joined Mahindra Group.





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