Madhabi Puri Buch, Chairperson SEBI. File | Photo Credit: Reuters

Madhabi Buch fails to appear before PAC, meeting postponed

SEBI chairperson Madhabi Puri Buch’s absence leads to adjournment of PAC meeting, BJP members complain to Lok Sabha Speaker Om Birla

by · The Hindu

Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch on Thursday (October 24, 2024) skipped the meeting of the Public Accounts Committee (PAC) citing personal reasons. Chairman and Congress leader K. C. Venugopal adjourned the meeting after informing the members of Ms. Buch’s absence. The BJP members who had earlier questioned Mr. Venugopal’s decision to summon her, met Lok Sabha Speaker Om Birla to register their protest.

Also Read :‘All allegations are false, malicious, and motivated’

The BJP MPs contended that Mr. Venugopal had not consulted them before summoning Ms. Buch, and did not inform them, in time, about her absence from Thursday’s meeting. 

Parliament’s Public Accounts Committee (PAC) chairperson K.C. Venugopal interacts with the media after the committee’s meeting was postponed, in New Delhi, on October 24, 2024. | Photo Credit: PTI

Speaking to the reporters after the adjournment, Mr. Venugopal said, “Today, morning at 9:30 (am), we got a communication from the SEBI chairperson and other members that because of a personal exigency, she is unable to travel to Delhi.”

He further added that skipping the meeting could be considered as a contempt against legislative bodies, but being “a lady” we allowed her. 

Meanwhile, BJP MP Ravi Shankar Prasad, who is part of the panel, accused Mr. Venugopal of taking suo motu decisions.

The committee’s decision to include the performance review of regulatory bodies established by legislation in its agenda invited no protest, it was circulated and notified by the Lok Sabha secretariat.

However, Mr. Venugopal’s decision to call Ms. Buch triggered a war of words, since it was seen as a political move to bring back the Hindenburg allegations at the centre stage. 

In January 2023, the Hindenburg Research had alleged “stock price manipulation” by the Adani group. On March 2, 2023, the Supreme Court asked SEBI to complete the probe of the allegations made in the report within two months to find whether stock price manipulation and other financial irregularities had taken place. On August 10 this year, the Hindenburg Research released another report, alleging that SEBI chairperson Madhabi Puri Buch had a stake in obscure offshore entities used in what it alleged was the Adani money syphoning scandal. 

BJP leader Ravi Shankar Prasad and others interact with the media after Parliament’s Public Accounts Committee’s (PAC) meeting was postponed, in New Delhi, on October 24, 2024. | Photo Credit: PTI

Nishikant Dubey writes to Speaker

Earlier, BJP MP Nishikant Dubey, a member of the panel, wrote to Lok Sabha Speaker Om Birla against Mr. Venugopal, accusing the senior Congress leader of raking up “non-existent” issues to defame the central government and “destabilise” the country’s financial structure and economy.

Accusing Mr. Venugopal of “unconstitutional and disdainful” conduct, Mr. Dubey claimed the Congress leader’s conduct is guided by political motivations as voters compelled his party to sit in the opposition benches following the Lok Sabha polls.

Claiming that unverified allegations by a foreign company such as Hindenburg against Ms. Buch were part of such a campaign, he alleged that the ‘India Chapter’ of this toolkit has become active.

Published - October 24, 2024 12:03 pm IST