New Delhi (TIP)- The Congress on Tuesday, October 29, renewed its attack on Securities Exchange Board of India (Sebi) chief Madhabi Puri Buch, alleging that she rented out one of her properties to a company owned by someone associated with the top management of financial conglomerate Indiabulls. The Congress on Tuesday renewed its attack on Securities Exchange Board of India (Sebi) chief Madhabi Puri Buch, alleging that she rented out one of her properties to a company owned by someone associated with the top management of financial conglomerate Indiabulls. The party also accused Buch of holding shares in unlisted companies named in the so-called Paradise Papers.
“Ms Madhabi Buch owns another flat in Mumbai. In 2021-22, she earned rental income from a property rented out to a company called Green World Buildcon and Infra Private Limited, owned by Mukul and Vipul Bansal. Mukul Bansal has a significant background with Indiabulls Group,” Congress spokesperson Pawan Khera said at a press conference in Delhi.
The Sebi chief is under fire over US short-seller Hindenburg Research’s report that alleged that she and her husband Dhaval Buch owned stakes in offshore entities linked to businessman Vinod Adani.
The couple, however, had dismissed the allegations saying, “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. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course.”
The Congress leader also added that Buch was among the initial shareholders of Predible Health, which received funds from the central government, and continued to hold equity in the company while being a SEBI member. Among other investors was Jacesa Investments Limited , named in the l Paradise Papers, with an address in St. Vincent in The Caribbean, infamous for being a tax haven, he added.
“This was discovered in 2017. Despite that, Buch held the company’s equity (Predible Health) till 2021… She sold her stake to a US company making a return of almost 226 times,” Khera said.
There was no immediate response from Sebi on the allegations.