Did Madhabi Puri & her husband earn crores from Mahindra & Mahindra? The group clarifies

Mahindra on Tuesday called allegations levied by Congress against the auto major and Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch, " false and misleading in nature."

"We categorically state that we have not, at any point, requested SEBI for any preferential treatment. We maintain the highest standards of corporate governance," said the company in a statement.

There are several allegations made by a political party today which was covered by several news agencies, said the automaker. "The allegations suggest a conflict of interest on payments made to Dhaval Buch, husband of Madhabi Buch."


Issuing a clarification, M&M said:

• Mahindra Group hired Dhaval Buch in 2019 specifically for his expertise in supply chain and sourcing, soon after he retired as Unilever's Global Chief Procurement Officer.
• He has spent most of his time at Bristlecone, a subsidiary which is a supply chain consulting company. Mr. Buch is currently on the Board of Bristlecone.
• He joined Mahindra Group almost 3 years before Madhabi Puri Buch was appointed as SEBI Chairperson.
• Compensation has been specifically and only for Mr. Buch’s supply chain expertise and management acumen, based on his global experience at Unilever.
• None of the 5 SEBI orders or approvals referenced in the allegations are relevant. Details are:

1. Three out of the five approvals or orders of SEBI do not pertain to the Company or any of its subsidiaries.
2. One was a fast-track rights issue, which did not require any approval from SEBI.
3. One was an order issued in Mar 2018, well before Dhaval started working with the Mahindra Group.

Congress' "shocking revelations"
Earlier today, Congress in a "shocking" set of "revelations" said, Buch and her husband earned crores of rupees from 6 listed companies including Mahindra and Mahindra.

Congress said, contrary to her claim that an advisory company owned by her became dormant when she took office, Agora Private Limited continued to provide services & generated revenue of Rs 2.95 crore between 2016-2024.

Congress said that Agora clients include Mahindra and Mahindra Limited, Dr. Reddy’s, Pidilite, ICICI, Sembcorp, Visu Leasing & Finance, said Congress.

"Strangely, of the total Rs 2.95 Crores received by Agora Advisory Private Limited, 2.59 Crores has come from one entity alone - the Mahindra & Mahindra Group. It accounts for 88 per cent of the total money that Agora Advisory received."

Adding more, Congress said, "If this was not shocking enough, the SEBI Chairperson’s husband - Dhaval Buch received Rs 4.78 Crores as income in a personal capacity from the M&M. This is in addition to the Rs 2.95 crores received by ‘Agora Advisory Private Limited’ through its consultancy/advisory services."