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The Mahindra Group has vehemently refuted recent accusations of a conflict of interest concerning payments made to Dhaval Buch, husband of Sebi chairperson Madhabi Buch. In a statement to the stock exchange, the company categorically denied the claims as "false and misleading." The allegations were initially raised by Congress leader Pawan Khera, who asserted that Madhabi and Dhaval Buch continued to profit from Agora Advisory, a firm they jointly owned, while Madhabi was serving as a Sebi member. Khera alleged that Mahindra made payments to Agora Advisory between 2019 and 2021, and that during this period, Sebi issued favorable orders benefiting Mahindra & Mahindra. These accusations implied that Madhabi Buch's position at Sebi potentially influenced decisions benefiting her husband's business interests.
The Mahindra Group, however, maintains that there is no basis for these claims. They assert that Dhaval Buch was hired for his extensive experience in supply chain management, gained from his global career at Unilever. The company emphasizes that his role primarily involved Mahindra’s subsidiary, Bristlecone, a supply chain consulting firm, where he currently serves on the board. Furthermore, Mahindra clarifies that the Sebi approvals referenced in the allegations had no relevance to their business dealings. Of the five approvals mentioned, three did not involve Mahindra or its subsidiaries. One of the approvals was for a fast-track rights issue that did not require Sebi's involvement, and another was related to a 2018 order issued before Dhaval Buch joined Mahindra.
Significantly, the Mahindra Group underscores that Dhaval Buch joined the company in 2019, nearly three years before Madhabi Puri Buch assumed the role of Sebi Chairperson. This timeline disproves any suggestion of improper influence or benefitting from Madhabi Buch's position. The company insists that they have not, at any point, sought preferential treatment from Sebi. While the Mahindra Group has firmly denied these allegations, they have not directly addressed the political party behind the claims. This incident highlights the delicate balance between public scrutiny of business dealings and the presumption of innocence in the face of accusations.
Source: Mahindra Group rejects conflict of interest claims over payments to Dhaval Buch