In response to recent allegations by the Indian National Congress concerning a potential conflict of interest involving Dhaval Buch, husband of SEBI Chairperson Madhabi Puri Buch, Mahindra & Mahindra has issued an official clarification.

Congress’ allegations implied that M&M’s payments to Buch were connected to the regulatory body’s decisions under Madhabi Buch’s leadership.

Without naming the political party, M&M denied any wrongdoing. In a statement to BSE, M&M clarified that Dhaval Buch was hired in 2019, three years before Madhabi Buch’s appointment as SEBI Chairperson.

His recruitment was based solely on his “expertise in supply chain and sourcing”, M&M stated. Dhaval Buch primarily worked for Bristlecone, a supply chain consulting subsidiary of the Mahindra Group, where he now serves on the board.

M&M said that no preferential treatment had been sought from SEBI and provided a breakdown of the five SEBI orders cited in the allegations. Three of these orders did not involve Mahindra or its subsidiaries, one pertained to a fast-track rights issue that did not require SEBI approval, and another predated Buch’s association with Mahindra by over a year.

The clarification comes after Congress accused the SEBI Chairperson of “willful concealment” regarding her spouse’s involvement with Agora Advisory.

The opposition party claimed that concealment violated ethical norms and regulatory standards, raising questions about impartiality in SEBI’s functioning. Congress has called for the Chairperson’s resignation.