Madhabi Puri Butch and Dhaval Butch
The head of market regulator SEBI, Madhabi Puri Buch, will now have to tell everything “clearly” about the allegations against her. In the Hindenburg Research report, several accusations have been leveled against him for alleged bias in the investigation into irregularities in the Adani Group. However, the government and SEBI have rejected these allegations. Still, the opposition Congress party continually attacks him. Now the Lokpal has sought a “clarification” from Madhabi Puri Buch on the allegations against her.
Anti-corruption body Lokpal has sought clarification from SEBI chief Madhabi Puri Buch. A Lok Sabha MP and two others had lodged a complaint against him with the Lokpal.
What did the Lokpal say in his order?
Lokpal issued an official order seeking clarification from Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch on the complaints against him. Madhabi Puri Buch has been given four weeks’ time for this work.
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However, Lokpal has made it clear that it has given this order as per the procedure to be followed in any complaint. He does not currently express any opinion on this matter nor should his order be construed in this way.
The Lokpal order states that it considers it appropriate to call the SEBI chief to clarify the allegations detailed in the affidavit of various complaints lodged against him. Before arriving at any prima facie decision regarding investigation into the allegations, we consider it appropriate to give you an opportunity to explain yourself under Section 20(1)(C) of the Lokpal Act.
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The MP came to Lokpal with a complaint
In the Lokpal order it has been said that Madhabi Puri can file her reply or clarification as per the complaint in the three complaints to avoid repetition. The President of the Lokpal Institution, Justice A. Mr. Khanwilkar and five other members signed this order. Its members include Justice L. They include Narayan Swamy, Sanjay Yadav, Ritu Raj Awasthi, Sushil Chandra and Ajay Tirkey. Now the date of next hearing in this matter before the Lokpal has been fixed for December 19.
Earlier, the Lokpal had said in its September 20 order that the complaint filed by a Lok Sabha member accusing the SEBI chief of inappropriate conduct and conflict of interest had failed to persuade it to order an inquiry. Lokpal said this during the hearing of two complaints in the Madhabi Puri Butch case. One such complaint was filed by a Lok Sabha MP.
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These allegations are against Madhabi Puri Butch
Hindenburg Research had claimed in its report published a few months ago that Madhabi Puri Buch and her husband Dhawal Buch had stakes in the foreign fund in which the Adani Group is accused of alleged financial misappropriation.
However, the Buch couple flatly denied these accusations. He also said that Hindenburg is trying to damage the credibility of SEBI and assassinate its character. Adani Group also termed Hindenburg Research’s allegations as malicious and selective manipulation of public information.
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Opposition Trinamool Congress MP Mahua Moitra had said in a social media post on September 13 that she had lodged a complaint against the SEBI chief with the Lokpal.
However, the Lokpal, in its order on the same complaint on September 20, had sought information about the complainant’s efforts to verify the authenticity and credibility of the allegations without mentioning his name. His hearing date was then set for October 17 and then November 8.
