No salary payment made to Sebi Chairperson Buch after retirement: ICICI Bank on Cong allegation
New Delhi, Sep 2: ICICI Bank on Monday said it has not paid any salary or granted ESOPs to Sebi chairperson Madhabi Puri Buch after her retirement on October 31, 2013, as alleged by the Congress.
Earlier in the day, the Congress alleged that Buch, who joined Sebi as a member in 2017 and subsequently became its chairperson, received Rs 16.8 crore from ICICI Bank as salary and other compensation.
"ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Madhabi Puri Buch after her retirement, other than her retiral benefits. It may be noted that she had opted for superannuation with effect from October 31, 2013," the bank said in a statement.
During her employment with the ICICI Group, she received compensation in the form of salary, retiral benefits, bonus and ESOPs, in line with applicable policies, it added.
"Under the bank’s ESOP rules, the ESOPs vest over the next few years from the date of allotment. As per rules existing at the time of her ESOP grant, employees, including retired employees, had the choice to exercise their ESOPs anytime up to a period of 10 years from the date of vesting," it said.
The Congress has alleged that the Sebi chairperson has received Rs 16.8 crore from ICICI group since 2017, which is 5.09 times the income she got from the markets regulator.
Congress General Secretary in-charge communications Jairam Ramesh said serious questions have been raised over the conflict of interest of the Sebi chairperson in the regulatory body's Supreme Court-mandated investigations into violations of securities laws by the Adani Group.
"These questions seem to have been simply brushed aside by the Government of India. Now comes this fresh revelation of shocking illegality," Ramesh said in a post on X.
ICICI Bank further said that all the payments made to Buch post her retirement had accrued to her during the employment phase with the ICICI Group.
These payments comprise ESOPs and retiral benefits, it added.
As per Income Tax rules, the statement said the difference between the price of the stock on the day of exercise and the allotment price is treated as perquisite income and is reflected in Part B of Form 16 of employees, including retired employees.
The bank is required to deduct the perquisite tax on this income. In addition, Form -16 covers the payment made towards the retiral benefits of former employees, it noted.
The Congress' fresh allegations come days after Hindenburg Research launched a fresh broadside against market regulator Sebi chairperson Buch, alleging that she and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal.
Buch had denied the allegations levelled against them as baseless and asserted that their finances are an open book.
Adani Group had also termed Hindenburg allegations, as malicious and manipulative of select public information, saying it has no commercial relationship with the Sebi chairperson or her husband.
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.
13 lakh litres of 'Rail Neer' supplied to train passengers daily: Government
New Delhi (PTI): Approximately 13 lakh litres of packaged drinking water -- 'Rail Neer' -- are being supplied to train passengers across the railway network daily, the government informed the Lok Sabha in a written reply on Wednesday.
Apprising the Lower House about the Indian Railways' endeavour to provide safe and potable drinking water facilities at all stations, the government also provided zone-wise details of the water vending machines (WVMs) installed there.
"To ensure the quality of drinking water being made available at the railway stations, instructions exist for periodical checking and required corrective action to be taken.
"Regular inspection and maintenance of drinking water facilities is carried out and complaints are attended to promptly," Railway Minister Ashwini Vaishnaw said while responding to a question raised by BJP MP Anup Sanjay Dhotre seeking to know the supply of drinking water at railway stations across the country
"Complaints regarding deficiency in services, including water supply, are received through various channels such as public complaints, web portals, social media, etc. These complaints are received at various levels, including the Railway Board, zonal railways, division office, etc.," Vaishnaw said.
"The complaints so received are forwarded to the concerned wings of Railways and necessary action is taken to check and address them. As receipt of such complaints and action taken thereon is a continuous and dynamic process, a centralised compendium of these is not maintained," he added.
Providing zone-wise details of water vending machines, the minister said 954 such machines have been installed across railway stations.
"The Indian Railways also provides safe and affordable packaged drinking water bottles -- Rail Neer -- approved by the Bureau of Indian Standards (BIS) in trains and at stations," Vaishnaw said.
"Approximately, 13 lakh litres of Rail Neer are being supplied per day to the travelling passengers in trains and at stations across the Indian Railways network," he added.
