In a dramatic turn of events, Maharashtra Food and Civil Supplies Minister Dhananjay Munde submitted his resignation following the viral photos of the Beed sarpanch murder case and his close aide's involvement. Beed district is on high alert with demands for immediate action against the accused and criticism towards the government's delayed response. Meanwhile, the Maharashtra budget session enters its second day with tensions rising in the assembly over the suspension of Samajwadi Party MLA Abu Azmi. The Bombay High Court has granted a four-week stay on a special court's directive to file an FIR against former Sebi chairperson Madhabi Puri Buch and others involved in alleged stock market fraud and regulatory violations.
The Mumbai court has ordered the launch of an FIR against former SEBI Chairperson Madhabi Puri Buch and others over allegations of financial fraud, regulatory violations, and corruption. The accused are being charged in connection with an alleged fraudulent listing of a company on the stock exchange, which was done with the help of regulatory officials. However, SEBI has stated that they will challenge the court order and maintain their commitment to regulatory compliance. This development has caused shock and concern in the entertainment world as the actions of regulatory authorities have come under question.
The Securities and Exchange Board of India (SEBI) will be taking legal action to challenge a Mumbai court's order which allowed the registration of an FIR against former SEBI chairperson Madhabi Puri Buch and other officials. The court's order comes after an application was filed by a legal news reporter, alleging financial fraud, regulatory violations, and corruption in a company's stock exchange listing. SEBI remains committed to ensuring regulatory compliance and will be initiating appropriate legal steps to challenge the order.
The Securities and Exchange Board of India (SEBI) has announced its plans to challenge a special Anti-Corruption (ACB) court's decision to direct an FIR against former chairperson Madhabi Puri Buch and other officials. The court's order was based on a petition that the board claims is "frivolous" and did not allow them to present their side. This decision highlights the ongoing battle between SEBI and the court system as they continue to navigate allegations of stock market fraud.
The Rajasthan High Court has granted bail to one of the accused in the 2022 murder of Udaipur tailor Kanhaiya Lal, citing lack of evidence against him. Meanwhile, employees at SEBI have raised concerns about a toxic work culture under Chief Madhabi Puri Buch, leading to burnout and mental health issues. Opponents of the BJP have also criticized the handling of the murder, calling it a reflection of the party's true face.
In the latest twist to the Madhabi Puri Buch controversy, Congress has raised more questions regarding her retiral income and a one-year gap in which she claims no benefits were offered by ICICI Bank. The party alleges that she received a staggering ₹16.80 crore between 2017 and 2024 from the bank, and demands answers from SEBI regarding her pension, retiral benefits, and salary. ICICI Bank has defended itself by saying that all payments were accrued during Buch's employment phase with the group, but Congress questions how her pension could exceed her salary.
The Indian National Congress party has accused the Chairperson of SEBI, Madhabi Puri Buch, of violating conflict of interest laws by accepting income from ICICI Bank while she was a whole-time member and later as the chairperson of the market regulator. According to the allegations, Buch received a total of Rs 16.80 crore from ICICI Bank between 2017 and 2024, which is five times more than her income from SEBI during the same period. However, ICICI Bank denied these allegations, stating that they have not paid any salary or granted any ESOPs to Buch after her retirement from the bank. These allegations have sparked controversy regarding the appointment process of the SEBI chairperson.
Leader of Opposition Rahul Gandhi has criticized the Modi government for appointing public servants through the Rashtriya Swayamsevak Sangh (RSS) instead of following the traditional Union Public Service Commission (UPSC) route. He has expressed concerns that this approach may undermine the reservation system and limit opportunities for underprivileged individuals. Gandhi has also raised questions about potential corporate influence in these appointments, citing the recent appointment of SEBI chairperson Madhabi Puri Buch as an example. The issue of lateral entry has sparked a debate about the role of the UPSC in selecting top government officials and its impact on social justice.
In an explosive press conference, Maharashtra Congress Committee President Nana Patole accused the Eknath Shinde-led Mahayuti government of mortgaging the state to Gujarat. He also alleged that prime plots were being sold to Adani at throwaway prices, while the entire country was being auctioned off by the ruling BJP government. Patole asserted that the Congress party's priority was to protect the pride and save Maharashtra, as he discussed the recent Hindenburg Research allegations against the Sebi Chairperson Madhabi Puri Buch and their alleged nexus with Adani and Prime Minister Narendra Modi.
In the midst of allegations against Sebi chairperson Madhabi Puri Buch, the opposition has demanded a JPC investigation to bring forth the truth. However, the ruling BJP has rejected this demand, causing a political uproar. A Joint Parliamentary Committee (JPC) comprising of members from both houses of parliament is an ad hoc body that can conduct a thorough inquiry into the matter at hand and hold the government accountable for its actions. Although only three JPCs have been constituted in the past to investigate financial crimes, the demand for a JPC remains a powerful tool for the opposition to exert political pressure on the government.