Mumbai-based consulting Agora Advisory, in which Securities and Exchange Board of India chairperson Madhabi Puri Buch held a stake of 99% till March-end, reported revenues from operations at Rs 2.4 crore in the past three years. The firm and its Singapore affiliate have been caught in the crossfire between US short seller Hindenburg Research and the Adani Group.  

However, revenues of Agora Advisory have been on the decline. According to filings with the Ministry of Corporate Affairs accessed by FE, revenues stood at Rs 1.98 crore in FY22, Rs 41 lakh in FY23 and Rs 14 lakh in FY24 — a total of Rs 2.53 crore. These include other incomes as well.

Buch and her husband Dhaval Buch, in a statement on Sunday, said both the consultancy firms had become immediately dormant after her appointment with Sebi. Buch became a whole time member in April 2017 and took over as the chairperson in March 2022.

According to filings, Madhabi Buch had a stake of 99%, or 9,900 shares of Rs 10 each, in the firm, and 1% stake, or 100 shares, was with Kavita Shah. Shah and Dhaval Buch are directors in the company.

Shah and Dhaval Buch are also directors in two other companies  — Aarnaira Impact Solutions and Aarnaira Development Foundation — according to MCA filings.

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Agora Advisory received Rs 6 lakh as revenue from operations accrued as consultancy charges as on March 31, 2024. The company also accrued other income of Rs 7.95 lakh as interest on fixed deposits. The company’s net profit for FY 2023-24 stood at Rs 8.10 lakh.

The cash and bank balance under notes to financial statements showed a total of Rs 1.27 crore as on March 31, 2024, which includes a fixed deposit of Rs 1.15 crore.

In FY2022-23, the Ghatkopar-based company earned Rs 35.75 lakh as revenue and Rs 5.08 lakh as other income. The net profit after taxes was recorded as Rs 19.75 lakh. In FY 2021-22, the company reported revenues of Rs 1.98 crore and a net profit of Rs 87.51 lakh.

Financial details of Singapore-based Agora Partners Pte were not available.

Agora Advisory, which was incorporated in May 2013, offers advisory and consultancy services to governments, business, commerce, industry, non-profit organisations and other entities, according to MCA filings.

On Saturday, Hindenburg Research had alleged that Sebi was unwilling to act on its report on the Adani Group because Buch and her husband had a stake in offshore funds having links with the conglomerate.