Wockhardt refutes Congress's allegations of rent payments to SEBI chief
What's the story
Pharmaceutical giant Wockhardt has rejected allegations made by the Congress party, regarding illicit rental payments to Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch.
The accusations were made during a press conference at the All India Congress Committee (AICC) headquarters in Delhi.
In return, the company issued a statement, dismissing these claims as "completely baseless and misleading."
Regulatory compliance
Wockhardt denies involvement in SEBI's regulatory decisions
Wockhardt also refuted any involvement in the regulatory decisions made by SEBI, pertaining to the firm.
The company emphasized its commitment to adhering all applicable laws, stating that it has always acted and will continue to act in compliance with them.
This statement was issued in response to Congress's allegations of a potential conflict of interest between Wockhardt and Buch.
Rent allegations
Congress alleges Buch received rent from Wockhardt affiliate
Congress's media and publicity department head, Pawan Khera, alleged that between 2018 and 2024, Buch had been receiving rental income amounting to ₹2.16 crore from Carol Info Services.
This company is reportedly affiliated with Wockhardt.
Khera stated, "The name of the company to which Madhabi Puri Buch gave her property is Carol Info Services Limited, which is a part of Wockhardt Company."
Compensation controversy
Congress questions Buch's compensation from ICICI Bank
In addition to the rent payment allegations, Congress also claimed that Buch received ₹16.8 crore from ICICI Bank as salary and other compensation.
However, this claim was swiftly denied by ICICI Bank.
The bank stated that it has not paid any salary or granted Employee Stock Ownership Plan (ESOP), to Madhabi Puri Buch after her retirement on October 31, 2013, other than her retirement benefits.