'False and misleading': M&M refutes Congress charges of favouring Buchs

Mahindra & Mahindra (M&M) on Tuesday refuted allegations levelled by the Congress that the conglomerate paid Dhaval Buch, husband of Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (Sebi), to receive preferential treatment from the market regulator.

- KHUSHBOO TIWARI

The country's Opposition party alleged that Dhaval received ₹4.78 crore from the automotive (auto) major between 2019 and 2021 when Sebi had issued nearly four orders against M&M.

M&M termed the allegations as "false and misleading". It clarified that Dhaval was hired by Mahindra Group in 2019 "specifically for his expertise in supply chain and sourcing" after he retired as Unilever's global chief procurement officer.

"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 automaker in an exchange filing.

Dhaval is on the board of Bristlecone, a subsidiary of M&M.

"He joined Mahindra Group almost three years before Ms Puri Buch was appointed Sebi chairperson. Compensation has been specifically and only for Mr Dhaval Buch's supply chain expertise and management acumen, based on his global experience at Unilever," said M&M.

The group added that none of the orders or approvals referred to in the Congress party's allegations were relevant, as three of them did not pertain to the company or its subsidiaries, while one was a fasttrack rights issue that did not require any approval from Sebi.