Dr. Reddy's, Pidilite, Mahindra Group refute allegations involving Dhaval Buch and Agora Advisory

Following the Mahindra Group's statement, Dr. Reddy's Laboratories and Pidilite Industries have also issued clarifications denying allegations regarding their engagement with Dhaval Buch and Agora Advisory.

Earlier today, Mahindra and Mahindra released a statement dismissing claims of improper payments to Dhaval Buch, husband of SEBI chair Madhabi Buch, as false and misleading. Dr. Reddy's and Pidilite have echoed these sentiments, calling the allegations baseless.

Pharma giant Dr. Reddy's Laboratories clarified that its engagement with Agora Advisory, owned by Madhabi Buch and her husband, was entirely legitimate and above board. The company specified that the engagement occurred well before Madhabi Buch's tenure as SEBI chairperson. "Any suggestion that the company received preferential treatment from SEBI due to this engagement is baseless and malafide," Dr. Reddy's stated.

Dr. Reddy's detailed their engagement with Dhaval Buch, noting that he was hired for leadership coaching from October 2020 to April 2021, with a total remuneration of Rs 6.58 lakh. The company emphasized that this was a standard engagement similar to those it conducts with various external coaches. "Dhaval Buch’s extensive experience with Unilever made him a suitable coach for our leader, and his remuneration was comparable to that of other coaches," Dr. Reddy's added.

Pidilite Industries, known for its adhesives, also issued a statement, highlighting its routine practice of working with various esteemed consultants and professionals. The company affirmed that there had been no inquiries from SEBI concerning their operations. Pidilite had enlisted Agora Advisory for Dhaval Buch's expertise in supply chain and procurement.

In their earlier statement, Mahindra and Mahindra firmly denied seeking any preferential treatment from SEBI. "We categorically state that we have not, at any point, requested SEBI for any preferential treatment," the Mahindra Group asserted, without addressing any political party directly.

These clarifications come in response to allegations from the Congress party, which claimed that the SEBI chairperson and her husband continued to benefit from Agora Advisory after she assumed office. All three companies have strongly refuted these allegations, affirming their adherence to legal and ethical standards.