New Delhi, May 28 In relief for former SEBI Chairperson Madhabi Puri Buch, the Lokpal has quashed complaints of conflict of interest and inappropriate financial gain against her based on a report by the now-defunct Hindenburg Research.
The Lokpal, headed by former Supreme Court judge, Justice A.M. Khanwilkar (retd), held that there was no prima facie proof to substantiate the allegations.
The anti-corruption watchdog termed the allegations against her baseless, unproven, and not supported by credible evidence.
Following the allegations that surfaced in August 2024, then Securities and Exchange Board of India (SEBI) Chairperson Buch and her husband Dhaval Buch had strongly denied the charges, calling it a "character assassination attempt” because an Enforcement action and a show cause notice was issued to the Nate Anderson-led company last month.
According to the joint statement issued by the couple, "In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report".
"The same are devoid of any truth. 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," read the joint statement.
"It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same".
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