Madhabi Puri Buch: In a joint statement on Friday, SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch firmly rejected recent allegations made against them, describing the claims as “false, incorrect, malicious, and motivated.” The accusations, reportedly based on their income tax returns, were deemed baseless by the couple in the six-page statement.
SEBI Chairperson Madhabi Puri Buch and Husband Denounce Allegations as “False and Malicious”
The Buchs clarified that the matters referenced in the allegations were fully disclosed in their tax returns, with all applicable taxes duly paid. They stressed that the allegations were concocted by misrepresenting facts in their tax documents, which were obtained illegally. “This is a clear breach of not only our right to privacy (which is a fundamental right) but also a violation of the Income Tax Act,” the statement read.
The couple expressed concern over a “pattern” of periodic false narratives being created to malign them and institutions they represent, suggesting the allegations are being released in installments to keep the controversy alive. They emphasized that if the goal were truth, all claims would have been presented at once. Instead, the couple asserted that this “false narrative” appears to be motivated by ulterior objectives.
Madhabi and Dhaval Buch emphasized their integrity, stating they have led transparent and dignified professional lives
Madhabi and Dhaval Buch emphasized their integrity, stating they have led transparent and dignified professional lives. They also signaled their readiness to take legal action if necessary, to combat any future allegations, which they anticipate may continue.
The controversy began on September 2, when Congress leader Pawan Khera accused Madhabi Puri Buch of receiving regular income from ICICI Bank and ICICI Prudential while serving as a member and later chairperson of SEBI. In response, ICICI Bank issued a statement clarifying that the bank and its group companies have not paid her any salary or granted stock ownership after her retirement, other than her retirement benefits.
The Buchs remain confident that they can dismantle these “motivated” allegations in the future while maintaining their commitment to professionalism and transparency.
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