SEBI Chief said- allegation of ₹2 crore rent is baseless: Congress had said- the company under investigation collected more rent than that
SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch have clarified the allegations made by the Congress regarding rental income. In a detailed statement on Friday, Buch said, ‘This allegation is not only outrageous, false and disturbing, but is clearly motivated and full of ill-feeling.’
In fact, Congress spokesperson Pawan Khera on Saturday (September 7) alleged that the Buch couple in Mumbai rented out one of their luxury apartments to pharma company Wockhardt. More than Rs 2 crore rent was collected from it between 2018 and 2024.
Meanwhile, the company was under investigation by SEBI for insider trading. Kheda claimed that the rental arrangement indicated a possible quid pro quo.
Important points of the statement issued by SEBI Chief…
- The property was leased out in the normal course and the leasing company, ‘Carol Info Services Ltd’, turned out to be linked to Walkhart.
- Madhabi Puri Buch has not dealt with any files related to Wockhardt during her tenure at SEBI.
- Investigation and surveillance are carried out by designated officers under well-defined delegation of powers.
- The rental agreement was made as per the market rules. Information about the rental income was given in it and tax was also deposited.
- A normal internet search and analysis will reveal that the rental income from the property was completely as per market rates.
- The claim that the rental rate was higher than market rates is clearly false. All the necessary information was given to SEBI since Madhabi’s appointment as a full-time member in 2017.
The Buch couple said- our IT returns were tampered with
- The accusers have obtained our income tax returns illegally.
- This is a violation of our privacy and fundamental rights and income tax rules.
- Our tax return information was tampered with to produce misrepresentations.
- Continuous allegations are being made to keep the issue alive.
Congress had said that rent increased from 7 lakh to 46 lakh in four years Congress claimed that the rental income increased from Rs 7 lakh in 2018-19 to Rs 46 lakh in 2023-24, raising questions about the timing of SEBI’s investigation into Wockhardt. According to reports, Wockhardt Hospitals Managing Director Zahabia Khorakiwala and Wockhardt Chairman Habil Khorakiwala live in a luxury apartment in Mumbai’s Vivaria Complex.
Walkhart said – the allegations are completely baseless and misleading. At the same time, in response to these allegations, Walkhart has also issued a statement and denied any allegation of wrongdoing. Walkhart said in its regulatory filing, these allegations are completely baseless and misleading. The company has followed and will follow all the laws.
Two days ago, Congress had said – SEBI Chairperson’s husband got money from Mahindra Congress on Tuesday (September 10) made new allegations against Securities and Exchange Board of India (SEBI) Chairperson Madhavi Puri Buch. Congress said that Madhabi’s husband Dhawal Buch had received Rs 4.78 crore from automobile company Mahindra & Mahindra (M&M) between 2019 and 2021.
Last time Congress had accused of taking benefits from 3 places Earlier on September 2, Congress had accused Madhavi of taking salary from 3 places including ICICI Bank while being associated with SEBI. Pawan Khera had said- Madhabi Puri Buch was a full-time member in SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the chairperson of SEBI. PM Modi and Amit Shah are included in the cabinet that appoints the chairperson of SEBI.
On the other hand, ICICI denied the allegations and said- ‘After retiring from the bank, Madhavi was not given any salary or employee stock option. She only took retirement benefits.’
Know what is the controversy related to SEBI and Hindenburg Report SEBI i.e. Securities and Exchange Board of India is an institution of the Government of India. It was established in the year 1992 to protect the investors of the stock market. In January 2023, Hindenburg accused Gautam Adani of using offshore funds to increase the prices of his group’s shares. Adani denied the allegations, but the matter reached the Supreme Court. SEBI was entrusted with the investigation of the matter.
