SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch have dismissed recent accusations against them, describing the claims as “false, incorrect, malicious, and motivated.” In a joint statement released on Friday, the couple responded to allegations concerning their financial disclosures, insisting there was no merit to the claims.
The allegations, centered around the couple’s Income Tax Returns, were refuted in the six-page statement, which emphasized that all relevant matters had been fully disclosed and taxes duly paid. “These matters are part of our income tax returns, which have been submitted transparently. The taxes have been duly settled,” the statement read.
Madhabi and Dhaval Buch further claimed that their income tax returns were illegally obtained by those making the accusations. “This is a breach of our fundamental right to privacy and a violation of the Income Tax Act. The information from our returns has been deliberately distorted to create a false narrative,” they said, adding that the allegations were being made in intervals to keep the issue alive.
The couple questioned the motives behind the accusations, suggesting that if the objective was truth-seeking, all claims would have been presented simultaneously. “If the intention was to seek the truth, why wouldn’t all allegations be made at once? We could then provide all the facts at once. But given this pattern, it appears these accusations are being made with a different agenda,” they said, warning that more such claims might be made in the future.
Asserting their integrity, the Buchs said they have always conducted their professional lives with transparency and dignity. “We are confident that we will refute these malicious claims and will reserve our right to pursue legal remedies,” they added.
The couple further criticized the ongoing narrative, stating that new falsehoods were being introduced with each allegation. They accused the individuals behind the accusations of attempting to prevent the discovery of truth and building a distorted narrative.
Recent accusations were raised by Congress leader Pawan Khera, who alleged that Madhabi Puri Buch had received payments from ICICI Bank and ICICI Prudential while serving as a whole-time member and later as SEBI Chairperson. ICICI Bank denied these claims, confirming that no payments, other than retiral benefits, had been made to her post-retirement.
Another allegation, concerning rental income received by Buch from an affiliated company of pharma firm Wockhardt, was also refuted. Wockhardt issued a statement declaring the accusations baseless and misleading.
The Buchs also addressed claims regarding Dhaval Buch’s consulting assignments with firms Agora Advisory in India and Agora Partners in Singapore. The joint statement defended his professional qualifications and experience, dismissing any conflict of interest. “There seems to be an assumption that appointments made for spouses of senior government officials must be due to factors beyond merit. This overlooks Dhaval’s strong qualifications and professional expertise,” the statement said.
Dhaval Buch, an IIT Delhi graduate with over 35 years of experience, including a role as Executive Director at Hindustan Unilever, retired in 2019 from his position as Unilever’s Global Head of Procurement. The statement underscored his independent professional reputation and dismissed suggestions of any undue influence stemming from his wife’s position.
“Despite the transparency provided by these respected organizations, it is unfortunate that we are compelled to justify decisions based on Dhaval’s expertise,” the Buchs concluded.
(ANI)