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SEBI Chairperson Madhabi Buch and her husband, Dhaval Buch, deny allegations of conflict of interest over rental income from their Mumbai apartment.
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The apartment was leased to a Wockhardt-linked company, but the Buchs claim the rental agreement was concluded in accordance with standard market practices.
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The Buchs assert that Madhabi has not dealt with any Wockhardt-related files during her SEBI tenure and that investigations are handled by designated officials.
SEBI Chairperson Madhabi Buch and her husband, Dhaval Buch, have responded to allegations surrounding the rental income from their luxury apartment in Mumbai. The controversy arose after claims surfaced that the property was leased to a company linked to Wockhardt, a pharmaceutical giant under SEBI investigation.
In a statement, the Buchs clarified that the property was leased out “in the normal course” and that the lessee, Carol Info Services Ltd, turned out to be associated with Wockhardt. They emphasized that Madhabi has not dealt with any Wockhardt-related files during her SEBI tenure and that investigations are handled by designated officials.
The Buchs also addressed claims of “off-market” rental rates, stating that a simple internet search would show the rental income was in line with market rates. They added that all necessary disclosures were made to SEBI since Madhabi’s appointment in 2017.
Wockhardt has also denied any wrongdoing, stating that the allegations are “completely baseless and misleading.” The company claims to have acted in compliance with all applicable laws.
