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The Indian pharmaceutical company Wockhardt has vehemently denied allegations of conflict of interest and corruption levelled against Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch. These allegations stem from rental payments made by Wockhardt's affiliate, Carol Info Service, to a property owned by Buch and her husband. The controversy erupted when Congress leader Pawan Khera held a press conference at the All India Congress Committee (AICC) headquarters in Delhi, accusing Buch of engaging in corrupt practices and insider trading.
Khera's accusations revolve around the rental agreement between Carol Info Services and Buch's property. He highlighted that Wockhardt, the parent company of Carol Info Services, is currently embroiled in multiple cases with SEBI, including insider trading charges. This alleged link between Buch's personal interests and SEBI's involvement in Wockhardt's affairs raises concerns about potential conflicts of interest and the integrity of the regulatory process. Khera went further, characterizing the situation as 'out-and-out corruption,' emphasizing the severity of the allegations.
Wockhardt has categorically refuted the accusations, stating that their actions have always been in compliance with all applicable laws. The company maintains that the allegations are 'completely baseless and misleading.' The public discourse surrounding this controversy is likely to intensify as the Congress party has demanded an independent inquiry into the matter. They argue that safeguarding the integrity of India's stock markets is of paramount national interest, further emphasizing the gravity of the allegations and the need for thorough investigation.