Clarification from SEBI Chairperson on Rental Income Allegations
In response to recent allegations regarding rental income, SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have issued a comprehensive statement to clarify their position. The couple emphasized that they had rented out their property to an associate unit of Wockhardt under normal circumstances, ensuring all income generated from the lease was fully declared and taxed in accordance with legal requirements.
Details of the Statement
On September 13, Madhabi and Dhaval Buch released a personal statement addressing concerns raised about their rental agreement. They highlighted that although the tenant was a subsidiary of Wockhardt—currently under scrutiny by the market regulator—the rental deal was executed fairly within standard market practices. They affirmatively stated, “Madhabi has not interfered in any file related to Wockhardt,” thereby reinforcing the integrity of their business dealings.
Market Value and Compliance
According to the Buch couple, the rental agreement was established consistent with prevailing market rates. They noted, “Even a simple search on the internet can reveal that the rental income from this property was as per the market rate.” They have strongly rejected claims implying that the rental terms were below or inflated beyond market value, asserting that all relevant disclosures with regard to the property’s market value and rental income have been duly submitted to SEBI since Madhabi’s appointment as a whole-time member in 2017.
Background of the Allegations
The allegations stemmed from comments made by Congress spokesperson Pawan Khera, who suggested that the SEBI Chairperson had rented her property to Carol Info Services, a company under investigation for various issues, including insider trading. The Buchs have unequivocally refuted these claims, emphasizing their commitment to transparency and legality in all their financial dealings.
Conclusion
The Buch couple’s statement aims to reassure the public and stakeholders about the legitimacy of their rental transactions and to clarify any misunderstandings regarding their association with Wockhardt. By proactively addressing these allegations, they strive to maintain trust and confidence in their roles and responsibilities as part of the regulatory framework overseen by SEBI.
