Mahindra & Mahindra Refutes Conflict of Interest Allegations

Mahindra & Mahindra Ltd. dismissed accusations of conflict of interest regarding payments to Dhaval Buch, the husband of SEBI Chairperson Madhabi Puri Buch, calling them baseless. The company clarified that Mr. Buch was hired for his expertise before Ms. Buch's appointment and stated that the allegations are irrelevant and misleading.

Mahindra & Mahindra Ltd. on Tuesday refuted allegations of conflict of interest concerning payments made to Dhaval Buch, husband of SEBI Chairperson Madhabi Puri Buch. The charges, brought forth by the Congress, were described by the company as ''false and misleading in nature''.

In a regulatory filing, Mahindra & Mahindra clarified that Dhaval Buch joined the Mahindra Group nearly three years before Madhabi Buch assumed the role of SEBI Chairperson. The company emphasized that Mr. Buch's compensation was strictly for his supply chain expertise and management acumen, based on his extensive global experience at Unilever.

The allegations involved SEBI approvals to the company. However, Mahindra & Mahindra pointed out that three of the five approvals referenced by Congress did not pertain to the company or its subsidiaries. Furthermore, it stressed that one approval was a fast-track rights issue that required no SEBI approval, and another order was issued well before Mr. Buch started with the Mahindra Group. Mahindra & Mahindra underscored its adherence to the highest standards of corporate governance and dismissed the allegations as unfounded.

(With inputs from agencies.)