SEBI chief Madhabi Puri Buch received a clean chit from the anti-corruption ombudsman Lokpal, which termed charges against her in a Hindenburg Research report as "presumptions and assumptions" not supported by any verifiable material.
Here are the key takeaways from the Lokpal order:
- The Lokpal "concluded that the allegations in the complaint(s) are more on presumptions and assumptions and not supported by any verifiable material and do not attract the ingredients of the offences... so as to direct an investigation therefor".
- The Lokpal stated, "...the effectiveness of the investigations and action taken by SEBI against the Adani Group of companies has commended to the Supreme Court. That cannot be reopened directly or indirectly..."
- The Lokpal said that the Hindenburg report by itself cannot be made the sole basis to escalate action against Ms Buch.
- "The complainant(s) being conscious of this position advisedly attempted to articulate allegations independent of the stated report but the analysis of the allegations by us, ended with a finding that the same are untenable, unsubstantiated and bordering on frivolity," the order said.
- On one of the allegations of "quid pro quo" against Ms Buch, owing to receiving rentals from Carol Info Services Ltd, an associate of Wockhardt Hospitals Ltd at a time when Wockhardt was having regulatory issues before SEBI including being investigated for insider trading, the Lokpal said, "The complainant (s) by making such unverified and flimsy or fragile allegations, only to sensationalise or so to say politicise the matter, has inevitably trivialised the process before the Lokpal," the order said.
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