In a major relief to former SEBI Chairperson Madhabi Puri Buch, the Lokpal of India has dismissed complaints filed against her in connection with allegations related to the Hindenburg-Adani matter. The anti-corruption ombudsman found no merit in the charges and concluded that they were based on presumptions and lacked any verifiable evidence.
The order, issued on May 28, stated that the complaints did not satisfy the legal requirements necessary to warrant an investigation under the Prevention of Corruption Act, 1988. “The allegations are more on presumptions and assumptions and not supported by any verifiable material… accordingly, these complaints are disposed of,” the Lokpal observed.
Five main allegations were examined by the Lokpal, including claims that Buch and her husband had invested heavily in a fund linked to the Adani Group, received undue benefits under the guise of consultancy fees from companies like Mahindra & Mahindra and Blackstone Inc., and accepted rental income from Wockhardt as a form of quid pro quo. Additional allegations pertained to the sale of ICICI Bank ESOPs over a span of five years and claims of a false recusal from matters related to M&M and Blackstone.
However, the Lokpal dismissed all these charges, noting that the complainants had failed to provide credible evidence. “The analysis of the allegations… ended with a finding that the same are untenable, unsubstantiated and bordering on frivolity,” the order stated.
The decision comes amid heightened scrutiny of regulatory institutions following the Hindenburg Research report on the Adani Group. With the Lokpal’s ruling, Buch is cleared of any wrongdoing related to the complaints.