Lokpal gives clean chit to former SEBI chief Madhabi Puri Buch in Hindenburg allegations case
The anti-corruption body, headed by former Supreme Court judge, Justice A.M. Khanwilkar (retd), stated, in an order dated May 28, that there is no material evidence to order an investigation against Buch.
"We have concluded that the allegations in the Complaint(s) are more on presumptions and assumptions and not supported by any verifiable material and do not attract the ingredients of the offences in Part III of the (Prevention of Corruption) Act of 1988, so as to direct an investigation.... accordingly, these complaints are disposed of," the Lokpal's order said.
"The Complainant(s) being conscious of this position advisedly attempted to articulate allegations independent of the stated report but the analysis of the allegations by us, ended with a finding that the same are untenable, unsubstantiated and bordering on frivolity," the order further stated.
The Lokpal examined five main allegations made against Buch. These include a quid pro quo in the garb of consultancy services fees from entities like M&M and Blackstone Inc., and a quid pro quo from Wockhardt in the garb of rental income.
There was also an allegation of undue advantage gained by Buch through the sale of ICICI Bank ESOPs over a period of five years between 2017 and 2024 that has been dismissed.
Another allegation in which the Lokpal found no evidence relates to the pretence of recusal from matters related to M&M and Blackstone Inc.
The Lokpal has come down heavily against the complainants, observing that the complainants did not submit any credible evidence in the matter while attempting to make the authority go into a roving inquiry.
"What the Complainant(s) are inviting us to do is to conduct a roving inquiry into the allegations which are unfounded, speculative and bordering on frivolity," the order states.
"The Complainant(s) by making such unverified and flimsy or fragile allegations..have inevitably trivialised the process before the Lokpal. It is nothing short of vexatious proceedings actionable under Section 46 of the Act of 2013. We say no more," the order further stated.
Following the allegations that surfaced in August 2024, then Securities and Exchange Board of India (SEBI) Chairperson Buch and her husband Dhaval Buch had strongly denied the charges, calling it a 'character assassination attempt' because an Enforcement action and show cause notice was issued to the Nate Anderson-led company the previous month.
According to the joint statement issued by the couple, 'In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report'.
'The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them,' read the joint statement.
Meanwhile, Hindenburg Research has itself shut down operations amid major short-selling controversies in the US that brought the company under a cloud.
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