Several prominent Indian companies have issued statements refuting allegations made by the Congress party regarding consultancy services they availed from Agora Advisory, a firm linked to Dhaval Buch, spouse of Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI).

The Congress party alleged that availing services from Agora Advisory while Madhabi Puri Buch held a key position in SEBI created a conflict of interest.

Among the companies named in the Congress allegations are Mahindra & Mahindra, ICICI, Dr Reddy’s, Pidilite, Sembcorp, and Visu Leasing and Finance. The party claimed that these firms engaged Agora Advisory for consultancy services while Buch was serving at SEBI, which they say violates Section 5 of SEBI’s Code on Conflict of Interest for Members of the Board (2008).

The party further alleged that Buch retained 99% of Agora’s shares even while serving at SEBI, thus creating an improper financial link.

Mahindra & Mahindra has categorically denied any wrongdoing, calling the allegations “misleading.” They clarified that Dhaval Buch was hired in 2019 due to his global expertise in supply chain management and had no connection with SEBI matters during his employment.

Also read: Congress accuses SEBI chief Madhabi Puri Buch of ‘wilful concealment’

The company emphasised that his compensation was strictly based on his professional expertise and that they never sought preferential treatment from SEBI.

Dr Reddy’s Laboratories also issued a clarification, stating that their engagement with Agora Advisory lasted from October 2020 to April 2021, during which Dhaval Buch provided leadership coaching. The company maintained that the remuneration paid was appropriate and the service period ended well before Madhabi Puri Buch’s term as SEBI chairperson.

Pidilite Industries similarly released a statement distancing itself from any improper conduct, highlighting its routine engagement with external consultants like Dhaval Buch for specific services. The company confirmed there have been no inquiries or cases from SEBI related to their activities.

Also read: Mahindra & Mahindra responds to allegations of conflict of interest concerning SEBI chief’s spouse Dhaval Buch

The Congress party also raised concerns regarding the significant fees earned by Agora and questioned Prime Minister Narendra Modi’s awareness of the situation. Mahindra & Mahindra, however, stood firm on its position, stating it has adhered to the highest standards of corporate governance.

The companies involved have all denied any conflict of interest, asserting that their engagements with Agora were based purely on business needs and not influenced by Madhabi Puri Buch’s role at SEBI.