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…
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Cong takes swipe at PM over India not being part of US-led 'Pax Silica' grouping
New Delh (PTI) The Congress on Saturday said it is perhaps not very surprising that India is not part of a US-led strategic initiative to build a secure silicon supply chain, given the "sharp downturn" in the Trump-Modi ties, and asserted that it would have been to "our advantage if we had been part of this group".
Congress general secretary in charge of communications Jairam Ramesh took a swipe at Prime Minister Narendra Modi, saying the news of India not being part of the group comes after the PM had enthusiastically posted on social media about a telephone call with his "once-upon-a-time good friend and a recipient of many hugs in Ahmedabad, Houston, and Washington DC".
In a lengthy post on X, Ramesh said, "According to some news reports, the US has excluded India from a nine-nation initiative it has launched to reduce Chinese control on high-tech supply chains. The agreement is called Pax Silica, clearly as a counter to Pax Sinica. The nations included (for the moment at least) are the US, Japan, the Republic of Korea, Singapore, the Netherlands, the United Kingdom, Israel, the United Arab Emirates, and Australia."
"Given the sharp downturn in the Trump-Modi ties since May 10th, 2025, it is perhaps not very surprising that India has not been included. Undoubtedly, it would have been to our advantage if we had been part of this group."
"This news comes a day after the PM had enthusiastically posted on his telephone call with his once-upon-a-time good friend and a recipient of many hugs in Ahmedabad, Houston, and Washington DC," the Congress leader asserted.
The new US-led strategic initiative, rooted in deep cooperation with trusted allies, has been launched to build a secure and innovation-driven silicon supply chain.
According to the US State Department, the initiative called 'Pax Silica' aims to reduce coercive dependencies, protect the materials and capabilities foundational to artificial intelligence (AI), and ensure aligned nations can develop and deploy transformative technologies at scale.
The initiative includes Japan, South Korea, Singapore, the Netherlands, the United Kingdom, Israel, the United Arab Emirates, and Australia. With the exception of India, all other QUAD countries -- Japan, Australia and the US -- are part of the new initiative.
New Delhi will host the India-AI Impact Summit 2026 on February 19-20, focusing on the principles of 'People, Planet, and Progress'. The summit, announced by Prime Minister Narendra Modi at the France AI Action Summit, will be the first-ever global AI summit hosted in the Global South.
Prime Minister Modi and US President Trump on Thursday discussed ways to sustain momentum in the bilateral economic partnership in a phone conversation amid signs of the two sides inching closer to firming up a much-awaited trade deal.
The phone call between the two leaders came on a day Indian and American negotiators concluded two-day talks on the proposed bilateral trade agreement that is expected to provide relief to India from the Trump administration's whopping 50 per cent tariffs on Indian goods.
In a social media post, Modi had described the conversation as "warm and engaging".
"We reviewed the progress in our bilateral relations and discussed regional and international developments. India and the US will continue to work together for global peace, stability and prosperity," Modi had said without making any reference to trade ties.
