Mahindra Group has rejected the latest allegations by Congress, which accused SEBI chief Madhabi Puri Buch and her husband Dhaval Buch of earning crores from Mahindra, Dr. Reddy’s, and three other listed companies.
Describing the claims as “false and misleading,” Mahindra clarified that Dhaval Buch, who joined the company in 2019 after retiring from Unilever, was hired solely for his expertise in supply chain management. His role, Mahindra emphasized, was unrelated to Madhabi Puri Buch’s appointment as SEBI Chair, which occurred three years later.
“He has spent most of his time at Bristlecone, a subsidiary which is a supply chain consulting company. Buch is currently on the Board of Bristlecone. He joined Mahindra Group almost 3 years before Ms. Madhabi Puri Buch was appointed as SEBI Chairperson,” the company said in a statement.
The company further stated that Dhaval Buch’s compensation was based on his global experience, adding, “We categorically state that we have not at any point requested SEBI for any preferential treatment.”
Congress leader Pawan Khera accused Madhabi Buch of a conflict of interest, alleging that Agora Private Limited, a company owned by her, continued to generate revenue during her SEBI tenure, including payments from Mahindra. Congress claimed Agora earned ₹2.95 crore between 2016 and 2024, with ₹2.59 crore coming from Mahindra alone.
Additionally, Congress alleged that Dhaval Buch personally earned ₹4.78 crore from Mahindra, which they described as a conflict of interest while his wife held a senior position at SEBI. Congress contended that these earnings violated Section 5 of SEBI’s Code on Conflict of Interest for Board Members.
Mahindra firmly denied any impropriety, asserting that it operates under high standards of corporate governance. While SEBI has yet to respond to these new allegations, Madhabi Buch had previously disclosed that her consulting firms became dormant upon her joining SEBI, with all necessary disclosures made to Indian and Singaporean authorities. The statement further called any attempts to link the earnings to her current role “malicious.”
