In response to recent allegations, SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch have categorically denied all claims against them, describing them as “false, incorrect, malicious, and motivated.” The couple released a detailed six-page joint statement on Friday, addressing the allegations surrounding their Income Tax Returns.
SEBI Chairperson Madhabi Puri Buch Denies Financial Misconduct Allegations
The controversy, centered around the couple’s income and tax filings, has been termed baseless by Madhabi and Dhaval Buch. They clarified that all matters have been fully disclosed in their tax returns, with taxes duly paid. They further accused the individuals making these allegations of obtaining their tax returns illegally, violating both their right to privacy and the provisions of the Income Tax Act.
“This is a clear breach of our fundamental right to privacy. The facts in our returns have been twisted to create a false narrative,” the couple stated, stressing that the pattern of making allegations in installments appears to be an intentional strategy to keep the issue alive without pursuing the truth.
Allegations Aimed at ‘Maligning Individuals and Institutions’
The couple expressed their frustration over the repeated allegations and questioned the accusers’ motives. “If the goal was to reveal the truth, why are the allegations not brought forward all at once? The strategy of releasing them in parts suggests a different, malicious intent,” they noted, hinting at possible future accusations as part of an ongoing campaign to malign their reputations.
Madhabi Puri Buch and Dhaval Buch Stand by Their Integrity
In the joint statement, both Madhabi and Dhaval Buch emphasised their long-standing commitment to integrity and transparency in their professional lives. The couple made it clear that they would continue to fight these allegations and may take appropriate legal action if necessary.
“Despite the clear intent to distort facts and create falsehoods, we are confident in dismantling these baseless claims while reserving our right to legal remedy,” they stated. They also noted that the periodic nature of these accusations makes it clear that the sole intention is to distort facts and build a misleading narrative.
Congress Leader Pawan Khera’s Allegations: SEBI Chief’s Income from ICICI Bank Denied
On September 2, Congress leader Pawan Khera raised questions about Madhabi Puri Buch’s alleged income from ICICI Bank and ICICI Prudential while serving as a full-time member and later Chairperson of SEBI. In response, ICICI Bank clarified that neither the bank nor its group companies had paid any salary or granted stock options to Madhabi after her retirement, aside from her entitled retirement benefits.
Congress’s Wockhardt Allegation: Baseless and Misleading
On September 6, Congress also alleged a conflict of interest, claiming Madhabi Puri Buch had received rental income from an affiliated company of Wockhardt. The pharmaceutical company swiftly denied the allegations, stating that these claims were “completely baseless and misleading.”
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Allegations Against Dhaval Buch’s Consulting Roles Rejected
The statement also addressed allegations related to Dhaval Buch’s consulting work with Agora Advisory in India and Agora Partners in Singapore. The couple rejected any conflict of interest, citing Dhaval Buch’s 35-year career and strong professional reputation.
“Dhaval’s appointments are based on his qualifications and merit, not because of his relationship with SEBI’s Chairperson. He has been an Executive Director at Hindustan Unilever and was the Global Head of Procurement, responsible for USD 40 billion annually,” the statement read.