No Evidence, Only Assumptions: Lokpal Dismisses Charges Against Madhabi Puri Buch

In a significant development, the Lokpal of India has exonerated former SEBI Chairperson Madhabi Puri Buch from all allegations linked to the Hindenburg-Adani controversy. The anti-corruption watchdog dismissed the complaints filed against her, ruling that the accusations lacked substance and were not backed by any verifiable evidence.

According to the May 28 judgement, the complaints did not satisfy the legal requirements for opening an investigation under the Prevention of Corruption Act of 1988. "The accusations lack any verifiable evidence and are based more on assumptions and presumptions. Consequently, these issues have been resolved," the Lokpal stated in its conclusions.

The Lokpal examined five major accusations in all. Among these were allegations that Buch and her spouse had made significant investments in a fund connected to the Adani Group, improperly benefited financially from consulting fees paid by firms like Mahindra & Mahindra and Blackstone Inc., and accepted rental payments from Wockhardt as a purported quid pro quo. The selling of ESOPs from ICICI Bank over a five-year period and claims of a fake recusal from actions involving Blackstone and Mahindra & Mahindra were additional charges.

Following a thorough investigation, the Lokpal found no evidence to support any of the accusations. According to the official order, "the analysis of the allegations... ended with a finding that the same are untenable, unsubstantiated, and bordering on frivolity."

The judgement was made during a period of heightened political and public scrutiny of Indian regulatory bodies following the groundbreaking Hindenburg Research study on the Adani Group. Madhabi Puri Buch is exonerated of any wrongdoing related to the complaints as a result of this decision.