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NDTV
29-05-2025
- Business
- NDTV
'Political Reasons': Lokpal Rips Into Complainants In Madhabi Puri Buch Case
New Delhi: Dismissing all allegations against former SEBI chairperson Madhabi Puri Buch, the Lokpal had also pulled up the complainants for approaching it with "unclean hands" and for purely political reasons. The anti-corruption body also warned that the complainants' conduct trivialised the process and amounted to "vexatious proceedings", which is potentially punishable under Section 46 of the Lokpal and Lokayuktas Act, 2013. The complaints had been filed by Trinamool Congress MP Mahua Moitra, Senior Advocate Prashant Bhushan and former IPS officer Amitabh Thakur. In its 116-page order dismissing the complaints against the former Securities and Exchange Board of India (SEBI) chief, the Lokpal said they were based "more on presumptions and assumptions and not supported by any verifiable material and do not attract the ingredients of the offences... so as to direct an investigation." Warning that such conduct trivialised the process, the Lokpal said it amounted to vexatious proceedings which could be punishable. Section 46 of the Lokpal and Lokayuktas Act provides for the prosecution of individuals who file false or frivolous complaints, with penalties including imprisonment of up to a year and a fine of up to Rs 1 lakh. Ms Buch had been accused of having investments linked to the Adani Group, quid pro quo disguised as consultancy fees and rental income, undue gains from ICICI Bank employee stock options and a "pretence of recusal" from certain cases. The Lokpal noted that the complaints, which were filed last year, were essentially based on the report "by a known short seller trader (Hindenburg Research) whose focus was to expose or corner Adani Group of Companies". The Lokpal order said, "The effectiveness of the investigations and action taken by SEBI against the Adani Group of companies has commended to the Supreme Court. That cannot be reopened directly or indirectly..." It also said that the Hindenburg report by itself cannot be made the sole basis to escalate action against Ms Buch. "The complainant(s) being conscious of this position advisedly attempted to articulate allegations independent of the stated report but the analysis of the allegations by us, ended with a finding that the same are untenable, unsubstantiated and bordering on frivolity," it noted. "The complainant (s) by making such unverified and flimsy or fragile allegations, only to sensationalise or so to say politicise the matter, has inevitably trivialised the process before the Lokpal," the anti-corruption body added. 'Generating Publicity' The Lokpal also expressed concern over the decision of one complainant decision to publicise the filing of the complaint on social media. This, the order noted, was in clear breach of the confidentiality requirements enshrined in the Lokpal Act and showed that the complaints were filed not with a bona fide intention of seeking justice, but rather to generate publicity. It was noted that when the media campaign fizzled out due to a lack of interest, the complainants turned to the Lokpal in what appeared to be an attempt to 'keep the issue alive'.
The Hindu
29-05-2025
- Politics
- The Hindu
The Hindu Morning Digest: May 29, 2025
U.S. Embassy, consulates in India put new student visa appointments on pause The U.S. Embassy and consulates in India have paused scheduling new appointments for student visa applicants as they await 'further guidance' from the U.S. State Department, a day after Secretary of State Marco Rubio reportedly sent a cable to missions worldwide on the issue of social media screening, The Hindu has learnt. Lokpal gives clean chit to Madhabi Puri Buch in Hindenburg case The Lokpal on Wednesday (May 28, 2025) disposed of all three complaints against Madhabi Puri Buch, former Chairperson of Securities and Exchange Board of India (SEBI), in the Hindenburg case, granting a major relief for Ms. Buch as well as the market regulator she once headed. Meat seized from Aligarh men not beef, says lab report; opposition hits out at U.P. government for 'emboldening criminals' After four men were attacked in Aligarh in Uttar Pradesh recently on suspicion of transporting beef, the police on Wednesday (May 28, 2025) said lab test found that it was not cow meat. 'The samples were sent for testing to a forensic science laboratory in Mathura after the incident. As per the report received on the test, it was found that the meat was not beef. Further legal action is being taken,' said Sarjana Singh, Circle Officer (C.O.), Atrauli. Rubio says U.S. will start revoking visas for Chinese students U.S. Secretary of State Marco Rubio said on Wednesday (May 28, 2025) that the United States will start revoking visas of Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields. In a statement, Mr. Rubio said the department will also revise visa criteria to enhance scrutiny of all future visa applications from China and Hong Kong. Punjab, Rajasthan, Gujarat, Haryana, Chandigarh postpone civil defence exercise After the government decided to carry out a civil defence exercise on Thursday (May 29, 2025) in states and Union Territories adjoining the western border, Haryana, Rajasthan and Punjab on Wednesday (May 28, 2025) postponed the scheduled mock drill. Trump used offers of trade access to broker India-Pakistan ceasefire, claims U.S. Commerce Secretary The U.S. government has, for the first time, put on record in a court submission its claim that the ceasefire between India and Pakistan, following India's Operation Sindoor, was 'only achieved' after U.S. President Donald Trump stepped in and offered both countries trading access to the U.S. in order to 'avert a full-scale war'. Bangladesh Nationalist Party supporters hold rally calling for polls by December The Bangladesh Nationalist Party (BNP) called for early election in Bangladesh on Wednesday (May 28, 2025), adding to the growing pressure on the interim government. In the past 10 months, this is the first time that the BNP has challenged the interim government led by Mohammed Yunus, and criticised its major initiatives like the so-called 'humanitarian corridor' between Bangladesh and Myanmar. Free movement will take time, government tells Meiteis The resumption of free movement for all communities along the National Highways in Manipur, and the resettlement of internally displaced people are 'going to take some time', Home Ministry officials told a delegation of Meitei civil society groups at a meeting in the National Capital. The officials 'clearly stated' that this is 'not achievable in a few months or a few weeks', the Meitei groups said in a press conference on Wednesday (May 28, 2025), a day after the meeting. Kamal Haasan clarifies on Kannada remark: It was a statement of love Veteran star Kamal Haasan has responded to the controversy around his statement on the Kannada language. The actor, while promoting his upcoming movie Thug Life, had said that 'Tamil gave birth to Kannada.' Kamal Haasan's remark, made at the audio launch of the Mani Ratnam-directorial in Chennai, drew criticism from the people of Karnataka. Chelsea defeats Real Betis in Conference League final to make history in Europe A dominant Chelsea crushed Spanish side Real Betis 4-1 in the final of the UEFA Conference League to become the first team in Europe to win all the continental trophies on offer, on Wednesday (May 28, 2025). Goals from Enzo Fernandez, Nicolas Jackson, Jadon Sancho and Moises Caicedo helped the London side cap off a massive second-half comeback after being 0-1 down at the break. Maharashtra government approves Dharavi project master plan The master plan for the Dharavi redevelopment project was approved on Wednesday (May 27, 2025) during a review meeting attended by Maharashtra Chief Minister Devendra Fadnavis and senior officials. 'Dharavi should be developed in an environmentally friendly and integrated manner while preserving its original concept,' said Mr. Fadnavis. Delhi, followed by Maharashtra, sent back the most number of 'illegal' Bangladeshi immigrants With the continuing arrests of 'illegal' Bangladeshi immigrants in various States, Border Security Force (BSF) data show that Delhi leads among the States sending back these individuals over land via the eastern border. In the past six months, a number of allegedly 'illegal' immigrants from Bangladesh have been detained in the Bharatiya Janata Party (BJP)-ruled States of Delhi, Haryana, Rajasthan, Gujarat, Maharashtra, Uttar Pradesh, and Goa, and handed over to be sent back, a senior official told The Hindu. L-G put in an embarrassing position on Delhi ridge tree felling issue: Supreme Court The Supreme Court on Wednesday (May 28, 2025) noted that the willful disobedience, deliberate concealment of the fact of the tree felling in the protected Delhi ridge area and a series of miscommunications by the Delhi Development Authority (DDA) officials left Lieutenant Governor V.K. Saxena in an 'embarrassing position'.
Time of India
29-05-2025
- Business
- Time of India
Lokpal clears Buch of conflict of interest allegations based on Hindenburg report
Mumbai: The Lokpal on Wednesday disposed of complaints alleging impropriety and conflict of interest against former Sebi chairperson Madhabi Puri Buch based on a report by US-based short seller Hindenburg Research. The anti-corruption ombudsman said the allegations against Buch are on "'presumptions and assumptions' and not supported by any verifiable material" to direct an investigation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025년 가장 멋진 RPG 게임을 지금 정복하세요 레이드 섀도우 레전드 Undo The six- member bench headed by Lokpal chairperson Justice AM Khanwilkar, while disposing of three complaints by different complainants including TMC MP Mahua Moitra, said the allegations are untenable, unsubstantiated and bordering on frivolity. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Allegations of conflict of interest and financial misconduct were levelled against Buch by Hindenburg Research and the Congress party. Hindenburg alleged that Buch and her husband had investments in offshore funds controlled by Vinod Adani, the brother of Adani Group chairman Gautam Adani, which were allegedly used for manipulating funds and inflating stock prices of the group's listed entities in India. Live Events "In that, the named RPS (Madhabi Puri Buch) had already redeemed the investments from the fund much before the investigations" into the allegation of manipulations of stocks against Adani Group of. companies had begun by Sebi; and it is evident from investigations by Sebi that the GDOF Cell 90, or IPE Plus Fund, in which the RPS and her husband had invested, had not made investments through EIFF and EMRF in any Adani Group shares," the order said. "In any case the RPS (Buch) and her husband were not in control of the decision of the fund to make investments. They were only passive investors in the fund, which they had already redeemed in 2018," the order said. The Congress party accused Buch of trading in listed securities, selling employee stock options from her previous employer ICICI Bank during her term at Sebi, and making money through her advisory firm that offered consultancy services to listed companies, breaching the regulator's conflict of interest policy.
Economic Times
29-05-2025
- Business
- Economic Times
Lokpal clears Buch of conflict of interest allegations based on Hindenburg report
The Congress party accused Buch of trading in listed securities, selling employee stock options from her previous employer ICICI Bank during her term at Sebi, and making money through her advisory firm that offered consultancy services to listed companies, breaching the regulator's conflict of interest policy. The Lokpal dismissed complaints against former Sebi chairperson Madhabi Puri Buch, which were based on a Hindenburg Research report, citing a lack of verifiable material. Allegations of impropriety and conflict of interest, including investments in offshore funds linked to Vinod Adani, were deemed untenable and unsubstantiated. The Lokpal emphasized that Buch had redeemed the investments before the Sebi investigation began. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: The Lokpal on Wednesday disposed of complaints alleging impropriety and conflict of interest against former Sebi chairperson Madhabi Puri Buch based on a report by US-based short seller Hindenburg anti-corruption ombudsman said the allegations against Buch are on "'presumptions and assumptions' and not supported by any verifiable material" to direct an six- member bench headed by Lokpal chairperson Justice AM Khanwilkar, while disposing of three complaints by different complainants including TMC MP Mahua Moitra, said the allegations are untenable, unsubstantiated and bordering on of conflict of interest and financial misconduct were levelled against Buch by Hindenburg Research and the Congress alleged that Buch and her husband had investments in offshore funds controlled by Vinod Adani, the brother of Adani Group chairman Gautam Adani, which were allegedly used for manipulating funds and inflating stock prices of the group's listed entities in India."In that, the named RPS (Madhabi Puri Buch) had already redeemed the investments from the fund much before the investigations" into the allegation of manipulations of stocks against Adani Group of. companies had begun by Sebi; and it is evident from investigations by Sebi that the GDOF Cell 90, or IPE Plus Fund, in which the RPS and her husband had invested, had not made investments through EIFF and EMRF in any Adani Group shares," the order said."In any case the RPS (Buch) and her husband were not in control of the decision of the fund to make investments. They were only passive investors in the fund, which they had already redeemed in 2018," the order Congress party accused Buch of trading in listed securities, selling employee stock options from her previous employer ICICI Bank during her term at Sebi, and making money through her advisory firm that offered consultancy services to listed companies, breaching the regulator's conflict of interest policy.
India Gazette
28-05-2025
- Business
- India Gazette
Former SEBI chief Madhabi Puri Buch gets clean chit from Lokpal; No credible evidence from complainants
New Delhi [India], May 28 (ANI): The Lokpal of India has dismissed all three complaints against former Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch in a case of alleged corruption against her and termed the allegations against her as 'vexatious, frivolous, and politically motivated attempts' to sensationalise regulatory matters. The complaints alleged corruption and quid pro quo involving the former SEBI chief and the Adani Group. The Lokpal in its findings stated that it found 'no credible evidence' of any 'undue advantage' or 'quid pro quo'. The findings further said that SEBI's processes, including investigations involving Adani and others, were upheld by the Supreme Court and handled by independent institutional mechanisms. The Lokpal asserted that the past investments and consultancy incomes were adequately disclosed, legitimate, and outside the scope of corruption statutes and the report of Hindenburg, a known short-seller, was not deemed reliable or sufficient to base a corruption case. The Lokpal order affirms that the allegations of regulatory favouritism involving the Adani Group were 'completely baseless.' In its order, the Lokpal viewed the Hindenburg Report as an 'unreliable' and 'partisan' document authored by a known short-seller. In its report published in August 2024, US-based short seller Hindenburg Research made allegations against Madhavi Puri Buch, accusing her of a conflict of interest. Hindenburg Research had also alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in 'both the obscure offshore entities used in the Adani money siphoning scandal.' SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had termed the allegations labelled against them as 'false, incorrect, malicious and motivated'. The Adani Group had also termed the allegations as malicious, mischievous, and manipulative selections of publicly available information to arrive at pre-determined conclusions for 'personal profiteering with wanton disregard for facts and the law.' It is publicly known that Trinamool Congress (TMC) MP Mahua Moitra and former IPS officer Amitabh Thakur had filed complaints with the Lokpal, seeking a probe into the former SEBI chief's case. (ANI)
