Mahindra & Mahindra has issued a statement refuting allegations of conflict of interest involving Dhaval Buch, husband of the Chairperson of the Securities and Exchange Board of India (SEBI), Madhabi Buch.

What Happened: The Congress party earlier on Tuesday levelled allegations against Buch and her husband of earning crores from Mahindra & Mahindra, Dr Reddy’s and three other listed companies.

Levelling serious allegations against Buch, Congress leader Pawan Khera said, that despite the SEBI chair’s assertion that her advisory firm became inactive when she assumed office, Agora Advisory continued operations and earned ₹2.95 crore in revenue between 2016 and 2024. The firm’s clients allegedly included companies like Mahindra & Mahindra, Dr. Reddy's, Pidilite, and ICICI among others.

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Khera further alleged that of the ₹2.95 crore received by Agora Advisory, ₹2.59 crore came from a single client, Mahindra & Mahindra Group. He also claimed that Buch's husband, Dhaval Buch, personally received ₹4.78 crore in income from Mahindra & Mahindra.

The Company’s Response: Negating Khera’s allegations, Mahindra & Mahindra said that it had hired Dhaval Buch in 2019 for his expertise in supply chain and sourcing, following his retirement as Unilever’s global chief procurement officer. The company clarified that his remuneration was solely for his supply chain expertise and management skills. The company also stated that Buch joined the Mahindra Group almost three years before Madhabi Puri Buch was appointed as SEBI chairperson.

“We categorically state that we have not, at any point, requested SEBI for any preferential treatment,” the company added in its statement.

Price Action: Shares of Mahindra & Mahindra closed 0.55% lower at ₹2,694 on Tuesday.

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