Pharma major Dr Reddy's has issued a clarification regarding allegations over its engagement with Agora Advisory, the consulting firm owned by Sebi chair Mabhabi Buch and husband, calling the accusations as 'baseless and malafide'. The assignment started and ended well before Madhabi Buch’s term as SEBI chairperson, the statement added.
"Any suggestion that the company was treated differently by SEBI as a result of this would be baseless and malafide," said Dr Reddy's.
Earlier in the day, Congress party had alleged that market regulator's chairperson and her husband Dhaval Buch continued to earn from the advisory firm even after assuming office.
Dr Reddy's added the company had engaged the services of Dhaval Buch of Agora Advisory for a remuneration of Rs 6.58 lakh. "for a limited period from October 2020 to April 2021, we engaged the services of Mr. Dhaval Buch of Agora Advisory Private Limited for leadership coaching for a total remuneration of Rs 6,58,000."
The company called this a routine engagement that it conducts with external coaches, to enable role transitions of its leaders. "Dhaval Buch’s work in India and globally for Unilever was well-suited to coach the identified leader in our Company, and the remuneration paid to Mr. Buch was in line with that of other coaches," Dr Reddy's statement said.
"The company has and continues to operate in compliance with all applicable laws," the exchange filing said.
Pidilite Industries, a leading manufacturer of adhesives, also issued a statement clarifying on its interaction with Dhaval Buch, adding that the company engages with multiple partners and consultants who are renowned in their respective fields, and there has never been any enquiries from Sebi with respect to the company. Pidilite had engaged with Agora Advisory for Dhaval Buch's services as a supply chain and procurement professional.
Earlier in the day, Mahindra and Mahindra too had issued a statement saying allegations over payments to Dhaval Buch, husband of Madhabi Buch, were false and misleading. "We categorically state that we have not, at any point, requested SEBI for any preferential treatment," the Mahindra Group statement said, without naming any political party.
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