Finance Minister Nirmala Sitharaman on Monday said that Sebi chairperson Madhabi Puri Buch and her husband Dhaval Buch are defending themselves and putting out facts which contradict the allegations of Congress.
When asked about her assessment of the situation involving Madhabi Puri Buch, minister Sitharaman said: "Quite a few of the allegations have been answered… I think the facts will have to be taken on board." That is for the first time that Sitharaman spoke on the issue.
Sitharaman said, "I am not here to judge that" when asked if she was satisfied with Madhabi Puri Buch's answers. The minister was speaking at News18 India Chaupal.
Last Friday, Sebi chairperson Madhabi Puri Buch and her husband Dhaval Buch issued a joint statement denying the impropriety and conflict of interest allegations levelled by Congress, saying they are false, malicious, and motivated.
A point-by-point rebuttal of the allegations made by Congress, Buchs has said Madhabi has made all disclosures and followed Sebi's recusal guidelines.
In the joint statement — the second since US-based short seller Hindenburg Research charged her of not being motivated enough to act on allegations against Adani group due to conflict of interest — Buchs also addressed issues raised by opposition Congress over receiving payments from her previous employer ICICI Bank while being a whole time member of Sebi.
The statement said Madhabi Buch never dealt with any file involving Agora Advisory and Agora Partners — the advisories where she held 99 per cent and continued to earn revenue even after she joined the market regulator body Sebi in 2017.
It goes on to say she never handled the files related to Mahindra Group, Pidilite Industries, Dr Reddy's Laboratories Ltd, Alvarez and Marsal, and Sembcorp — which employed her husband sometime during her stint in Sebi — as well as files related to her previous employer ICICI Bank at any point in time after joining the regulator.
During her tenure at Sebi, payments she received from ICICI Bank included contributions to a contributory annuity scheme and exercise of ESOPs over a 10-year period at different points in time.
While Hindenburg has alleged that the Buchs had earlier investments in a fund that was part of a network of funds used by two Adani associates to round-trip money and inflate group stock prices, Congress has alleged conflict of interest in dealings with ICICI, where she worked until 2011, as well as with Mahindra Group and four other companies due to consulting fees given by them to her husband Dhaval Buch.
We are upright and honest professionals and have led our respective professional lives with transparency and dignity, Buchs said, describing his work record as "unblemished" and that he will demolish all "motivated allegations even in future".
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