Congress ups ante over SEBI row, levels more conflict of interest allegations against Madhabi Buch
New Delhi, Sep 10: The Congress on Tuesday claimed that SEBI chairperson Madhabi Buch had a 99 per cent stake in a firm when it provided consultancy services to the Mahindra and Mahindra Group and her husband received Rs 4.78 crore as income from the conglomerate while she was adjudicating cases of the same group.
Congress president Mallikarjun Kharge alleged that the SEBI's institutional integrity as a robust market regulator has been "tarnished" by Prime Minister Narendra Modi to save his "crony friends".
The Mahindra and Mahindra Group dismissed the allegations as "false and misleading in nature". The group categorically stated that it had not at any point requested the SEBI for any preferential treatment.
"We maintain the highest standards of corporate governance," a spokesperson of the Mahindra and Mahindra Group said.
In a post on X, Congress chief Mallikarjun Kharge said, "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. Did they deliberately appoint her to benefit their crony friends? Or were they unaware of the shady financial dealings? Are 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'?" he said.
"The hard-earned money of 10 crore stock market investors has been jeopardised by this mega scandal choreographed by Modi ji!" he alleged.
Congress general secretary Jairam Ramesh asked whether Prime Minister Modi was aware that Buch owns 99 per cent of Agora Advisory Private Limited and is receiving significant fees from listed entities, including Mahindra and Mahindra.
Putting out a fresh set of "revelations" on the issue of conflict of interest involving the SEBI chairperson, Ramesh said on X, "Our questions are directed pointedly at the non-biological PM who appointed her in the first place -- 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 and is the prime minister aware of Buch's ties to a conflicted entity, he asked.
"Is the Prime Minister aware that Ms. Madhabi Puri Buch's spouse is receiving a substantial income from M&M Limited after his retirement?" he asked.
Earlier, at a press conference at the AICC headquarters here, Congress' media and publicity department head Pawan Khera said the recent Hindenburg report had alleged that SEBI Chairperson Buch held 99 per cent shares in a company called 'Agora Advisory Private Limited'.
Agora Advisory is a private entity incorporated on May 7, 2013 and it claims to provide various types of advisory or consultancy services, Khera said.
"Although, in her response, Madhabi Buch had claimed that the two consulting firms set up by her in Singapore and India -- one of which is Agora Advisory Private Limited in India -- became 'immediately dormant on her appointment with SEBI', the reality is that as of March 31, 2024, she still owns 99 per cent stake in the Indian entity which has been actively providing advisory/consultancy services till date," Khera said.
Khera alleged that in 2016-17, 2019-2020, to as late as 2023-24, as a whole time member of SEBI and later as its chairperson, Buch received a total of Rs 2.95 crores through Agora Advisory Private Limited with 2017-2018 and 2018-2019 being the exception years.
The list of companies that availed consultancy service from Agora Advisory Private Limited -- Mahindra and Mahindra Limited, Dr. Reddy's, Pidilite, ICICI, Sembcorp and Visu Leasing and Finance, he said.
"Strangely, of the total 2.95 crores received by Agora Advisory Private Limited, 2.59 crores has come from one entity alone -- the Mahindra & Mahindra Group...If this was not shocking enough, the SEBI Chairperson's husband - Mr. Dhaval Buch received 4.78 Crores as income in a personal capacity from the Mahindra & Mahindra Group," Khera alleged.
This comes at a time when his wife, as a whole time member of SEBI, was adjudicating cases of the same group, Khera alleged.
"The year of settlements and the year of receipt of income by Dhaval Buch serendipitously coincide," Khera added.
In its statement, the Mahindra and Mahindra Group said it hired Dhaval Buch in 2019 specifically for his expertise in supply chain and sourcing soon after he retired as Unilever's Global Chief Procurement Officer.
"He has spent most of his time at Bristlecone, a subsidiary which is a supply chain consulting company. Mr Buch is currently on the Board of Bristlecone. He joined Mahindra Group almost three years before Ms. Madhabi Puri Buch was appointed as SEBI Chairperson," the Group said.
Compensation has been specifically and only for Dhaval Buch's supply chain expertise and management acumen based on his global experience at Unilever, it said.
The Mahindra and Mahindra Group also said that none of the five SEBI orders or approvals referenced in the allegations are relevant and three out of the five do not pertain to the company or any of its subsidiaries.
"One was a fast-track rights issue, which did not require any approval from SEBI. One was an order was issued in Mar(ch) 2018, well before Mr Dhaval started working with the Mahindra Group," the company said.
The institutional integrity of SEBI as a robust Market Regulator has been tarnished by PM @narendramodi to save his crony friends!
— Mallikarjun Kharge (@kharge) September 10, 2024
The Mega Modi-Adani Scam is being investigated by SEBI.
SEBI Chairperson has multiple issues of conflict of interest.
Congress party has now…
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Maharashtra sets up state vaccination task force to strengthen immunisation programme
Mumbai (PTI): The Maharashtra government has set up a State Vaccination Task Force to strengthen the regular immunisation programme and review the progress of related campaigns, a health department official said on Monday.
The State Vaccination Task Force will comprise at least 29 members and will be headed by the administrative head of the health department, he informed.
The government has also constituted separate district-level and municipal vaccination task forces to improve implementation and address challenges at the grassroots level, he said.
Municipal task forces, chaired by respective civic commissioners, have been constituted in view of the vast urban population in Maharashtra and the role of civic bodies in implementing different health programmes.
The district-level task forces will function under the chairmanship of collectors.
"Complete immunisation of children at the appropriate age is an extremely simple, cost-effective and highly effective measure to reduce child mortality and the prevalence of diseases among kids. Immunisation is a powerful tool for reducing illness in children," maintained the official.
To ensure full vaccination of all children, the state government implements various campaigns from time to time as per the central government guidelines, he pointed out.
"Active participation and cooperation of other relevant government departments are essential (in making these campaigns successful)," according to the official.
The state-level body will review the regular immunisation programme, associated campaigns and vaccine-preventable diseases in detail. It will also conduct focused assessments of high-risk districts and municipal corporations, including vacancies at district, municipal and sub-district levels, availability of cold chain equipment, resource gaps and training requirements, he noted.
The state task force will review allocation and utilisation of funds for immunisation and ensure timely action by officers concerned based on reports from district and municipal task forces and state-level monitoring mechanisms, the official said.
It will also ensure active coordination and participation of other government departments in immunisation drives, while district and municipal task forces will carry out similar functions at their respective levels, the official added.
