Controversy Surrounding Former SEBI Chief Madhavi Puri Buch: Employees allege she yelled and publicly humiliated them during meetings, prompting a complaint to the finance ministry.
SEBI chief Madhavi Puri Buch: The Bombay High Court on Monday directed the Anti-Corruption Bureau (ACB) in Mumbai to refrain from taking any action on the order to file a preliminary inquiry against former SEBI chairperson Madhavi Puri Buch and five other officials until March 4th. A single-judge bench of Justice S.G. Dige issued this order, scheduling a hearing on the matter for Tuesday.
What Happened?
This incident is linked to alleged collusion between SEBI and the Adani Group. A report published by Hindenburg Research towards the end of 2024 alleged that Madhavi Puri Buch and her husband had stakes in Adani Group's offshore funds. The report also accused the Adani Group and SEBI of collusion.
Madhavi Puri Buch and her Husband's Denial
Madhavi Puri Buch and her husband have denied Hindenburg's allegations as baseless. They stated they had not concealed any information and that the allegations are entirely unfounded.
Adani Group's Response
The Adani Group also termed Hindenburg's allegations baseless, calling it a malicious and defamatory campaign.
Appeal Against the ACB
Buch, BSE Managing Director Sundararman Rammurthy, and other officials filed an appeal in the High Court, characterizing the special court's order as illegal and arbitrary. They sought the cancellation of the order to file an FIR.
Court Hearing
The Bombay High Court has, for now, directed the ACB not to act on the special court's order. A further hearing is scheduled for March 5th, where the court will decide whether to uphold its order.
