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A highly anticipated meeting of the Public Accounts Committee (PAC) on Thursday descended into chaos, marked by heated arguments between members of the Opposition and the ruling National Democratic Alliance (NDA). The meeting, focused on examining the functioning of the Securities and Exchange Board of India (SEBI), was abruptly adjourned after just 15 minutes, leaving a trail of accusations and political maneuvering in its wake.
The focal point of the controversy was the absence of SEBI chairperson Madhabi Buch, who was scheduled to appear before the committee. While the Chairman of the PAC, Congress MP KC Venugopal, attributed her absence to personal reasons and expressed respect for her decision, NDA members were quick to perceive a political motive behind the situation. They accused Venugopal of selectively targeting Buch and using the committee as a platform for his party's agenda.
The situation escalated when Venugopal announced his decision to excuse Buch, citing her late notification of personal reasons. This sparked immediate outrage from NDA MPs, who accused him of publicly disclosing sensitive information from a closed-door committee meeting. Further fueling the tensions, NDA MPs alleged that Venugopal had disrupted the standard meeting protocol by skipping greetings and introductions, instead reading a pre-prepared statement that they perceived as an attempt to discredit Buch.
The accusations of political bias against Buch stem from a series of controversies surrounding her appointment. A Hindenburg report, followed by investigations from the Congress, highlighted alleged conflicts of interest involving Buch and her husband's connections with businessman Gautam Adani. While Buch has denied all accusations, the controversy has cast a shadow over her leadership.
The events at the PAC meeting serve as a stark reminder of the deeply polarized political environment in India, where even the seemingly neutral process of parliamentary scrutiny can be hijacked for partisan gain. The incident underscores the need for a more constructive and transparent approach to parliamentary proceedings, ensuring that the focus remains on addressing national concerns rather than advancing partisan agendas.
The aftermath of the meeting is likely to involve further scrutiny and investigation into the conduct of the PAC Chairman and the validity of the allegations surrounding Buch. It is imperative that the matter is handled with due process, ensuring a fair and objective assessment of the facts, while safeguarding the integrity of both the SEBI and the parliamentary system.
This event highlights a concerning trend of politicization of crucial institutions and processes. The PAC, intended as a crucial mechanism for scrutinizing government spending and performance, appears to have been used as a stage for political point-scoring. This erosion of trust in parliamentary institutions ultimately undermines their effectiveness in addressing critical national issues.
Source: Walkout, War of Words, SEBI Chief's Absence: What Led to Adjournment of PAC Meet