 "Madhabi Puri Buch, Madhabi, Madhabi Puri")
On accusations of serving with two organisations while at ICICI Group, they added that Puri Buch had gone on “unpaid” long leave from ICICI Bank in 2011. (Photo: PTI)
Ending their silence on the allegations levelled by Congress, Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (Sebi), and her husband Dhaval Buch, on Friday said that the accusations were twisted “deliberately to create a false narrative.”
While the couple has not named Congress in their response, they called the accusations baseless and hinted that they may seek legal remedy in the matter.
The response comes after a series of accusations levelled by the opposition party alleging conflict of interest and corruption, and accusing her of receiving income or remuneration from ICICI Group and other organisations through their consultancy firm, Agora Advisory.
In a six-page statement, the Buchs dismissed the accusations, adding that they had made all disclosures to Sebi on their consulting firm and details of her property and income derived from it since the time she was appointed as a whole-time member in 2017.
“Even an allegation of conflict is not only defamatory, false, and vexatious, but is clearly malicious and motivated,” they stated.
The Sebi chairperson stated that she has never dealt with any files related to the ICICI Group of companies during her tenure.
On accusations of serving with two organisations while at ICICI Group, they added that Puri Buch had gone on “unpaid” long leave from ICICI Bank in 2011.
“Madhabi did not engage in any unauthorised external employment while working at ICICI Bank. In 2011, she was granted long leave (unpaid) by the bank to join her husband, who was working in Singapore at that point of time. During her time there, in Singapore, with ICICI Bank’s full and prior approval, she took up a position with a private equity firm in Singapore,” stated the couple.
The Buchs added that when it became clear in 2013 that she would remain in Singapore, she superannuated from ICICI Bank as per the rules. They added that the arrangement was completely legal and transparent.
The Buchs stated that as the allegations were based on their income tax returns, it meant that these matters had been fully disclosed and taxes had been duly paid.
“Shockingly, our income tax returns clearly have been obtained by adopting fraudulent means and 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 couple said in a statement.
“We are upright and honest professionals and have led our respective professional lives with transparency and dignity, earning an unblemished record… we are confident that we will be able to demolish all such motivated allegations even in future, while reserving our right to take appropriate legal remedy as we may be advised,” they added.
First Published: Sep 13 2024 | 3:35 PM IST
