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The article centers around a public statement issued by Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), and her husband Dhaval Buch, refuting allegations leveled against them by the Congress party. The allegations, which the Buchs claim are based on illegally obtained income tax returns, pertain to perceived conflicts of interest arising from their professional activities and financial dealings.
The Buchs, in their six-page statement, address each allegation with detailed explanations and evidence. They assert that their consulting assignments were undertaken through transparently structured companies, with all income and expenses meticulously documented. They further clarify that Madhabi's stock options from ICICI Bank were exercised according to the bank's established policies for retired employees. They refute claims of irregular pension payments, explaining that variations in amounts are due to the exercise of ESOPs over a ten-year period and that the required taxes were paid upfront by Madhabi.
The core argument of the Buchs is that the allegations are not only false and malicious but also stem from a deliberate attempt to tarnish their reputation and that of the institutions they are associated with. They accuse the Congress party of twisting facts and fabricating a false narrative, pointing to the piecemeal nature of the allegations as further evidence of their intent to damage their reputations.