Congress spokesperson Pawan Khera held a press conference where he made serious allegations against Madhabi Puri Buch, the current chairperson of the Securities and Exchange Board of India (SEBI). Khera claimed that Buch had received substantial financial benefits from several major listed companies, including Mahindra & Mahindra and Dr Reddy’s Laboratories.
Refuting Khera’s claims, an M&M spokesperson clarified, “Mahindra Group hired Mr. 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 3 years before Ms. Madhabi Puri Buch was appointed as SEBI Chairperson,” M&M spokesperson further added.
“Compensation has been specifically and only for Mr. Buch’s supply chain expertise and management acumen, based on his global experience at Unilever. We categorically state that we have not at any point requested SEBI for any preferential treatment. We maintain the highest standards of corporate governance. We consider these allegations false and misleading in nature,” M&M spokesperson claimed.
