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.
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Cong leader Prithviraj Chavan defiant after facing verbal missiles on Op Sindoor remarks
Mumbai (PTI): Despite facing criticism, senior Congress leader Prithviraj Chavan on Wednesday stood by his controversial comments that India faced a "total defeat" in aerial fight with Pakistan on the first day of Operation Sindoor on May 7.
The former Union minister refused to apologise for his comments on the Indian military operation against terror hubs in Pakistan and PoK in aftermath of massacre of tourists at Pahalgam in Jammu and Kashmir in April.
Talking to reporters in Pune on Tuesday, Chavan claimed India faced a "total defeat in the aerial fight (with Pakistan) on May 7 which lasted for half-an-hour".
"One may believe this or not. After that the Indian Air Force got grounded and not a single aircraft took flight that day.... be it Gwalior, Bhatinda or Sirsa, there was a possibility of aircraft being shot down, so our complete Air Force was grounded," the former Maharashtra chief minister had said.
Hitting out at Chavan, Maharashtra Deputy Chief Minister Eknath Shinde accused the Congress of speaking the language of Pakistan. He said questioning the military action was akin to demoralising the morale of armed forces.
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"The criticism does not stem from the love of the nation, but love for Pakistan," said the chief leader of the Shiv Sena, a key constituent of the BJP-led NDA.
Chavan, however, remained defiant.
"There is no question of apologising. The Constitution has given me the right to ask questions," the Congress veteran asserted.
Chavan also questioned the need of having a 12-lakh strong Army when future wars will be about aerial combats and missiles. "During Operation Sindoor we saw that there was no movement of the Army even for a kilometre," he had said.
BJP Lok Sabha MP and spokesperson Sambit Patra said Chavan's remarks are loaded with sedition.
"He (Chavan) has refused to apologise. The Indian armed forces struck 100 kms inside the Pakistan territory and destroyed 11 air strips (of the Pakistani Air Force). He made remarks that the Indian Army did not even move an inch (during the military operation). This is nothing but a statement full of sedition, a statement of a traitor," Patra said, lashing out at the Congress leader.
The BJP spokesperson maintained the Congress appears to be standing with Chavan and alleged the Opposition party is playing into foreign hands.
Congress leaders Sonia Gandhi and Priyanka Gandhi Vadra should apologise for it, he added.
Union minister Giriraj Singh of the BJP insisted it was not right to devalue the valour of Indian armed forces.
Samajwadi Party MP Virendra Singh suggested that wherever armed forces are concerned, every Indian should be mindful of statements they make and ensure their comments do not demoralise the military.
Operation Sindoor was a result of "mistakes of politicians", he claimed.
TDP MP Krishna Devraylu said after the poll defeat in Bihar, the Congress is rattled and their leaders have been talking absurdly.
"Chavan's remarks are a prime example of this. This kind of disrespect to our armed forces is not necessary. If the Congress is angry with the NDA, it should show it in a different way and not drag armed forces into it," Devraylu opined.
AAP MP Ashok Mittal said such statements should not be made by any senior politician, especially by someone who has been a former chief minister.
The Indian armed forces registered a strong victory and destroyed terror launchpads in Pakistan during Operation Sindoor, Mittal added.
