10 things you should know about Dhaval Buch mentioned in the Hindenburg report – Firstpost

Dhaval Buch was recently mentioned in a report by Hindenburg Research which alleged that he and his wife, SEBI chairwoman Madhabi Buch, were involved in offshore funds linked to an Adani Group scandal.

Dhaval Buch is a well-known figure with experience in the finance and consulting industry, having held positions at Blackstone and Alvarez & Marsal. The report has sparked controversy and led to vehement denials from Buch and his wife.

Here are ten important things you should know about Dhaval Buch and the situation surrounding him.

Currently: Dhaval Buch is a senior advisor at Blackstone and Alvarez & Marsal. He is also a non-executive director of clothing retailer Gildan.

Past: Previously, he served as Chief Executive Officer of Bristlecone and Interim President, Group Technology of the Mahindra Group. Prior to these roles, he had a long career at Unilever, where he was Chief Procurement Officer and led the supply chain for Asia and Africa.

Education: Dhaval Buch graduated from the Indian Institute of Technology, Delhi (IIT-D) in 1984 with a degree in mechanical engineering.

Hindenburg allegations: The report by Hindenburg Research claims that Dhaval Buch and his wife, SEBI chairperson Madhabi Buch, had interests in offshore funds linked to the alleged Adani Group fund diversion scandal. These funds are reportedly registered in Bermuda and Mauritius.

Answer: Both Madhabi and Dhaval Buch have strongly denied these allegations and assured that their financial transactions were transparent and all necessary information had been provided to SEBI.

Start: According to the Hindenburg report, Dhaval Buch made his first investment in these offshore funds while working at Unilever between 2015 and 2019.

Alleged connections: The report suggests that Dhaval Buch’s connection to Blackstone may have influenced SEBI’s decisions as the regulator facilitated regulatory changes that were beneficial to private equity firms like Blackstone.

Financial transparency: Dhaval Buch has stated that he is ready to disclose all financial documents, including those prior to his wife’s appointment at SEBI, to all relevant authorities.

Consulting companies: Madhabi Buch, the chairman of SEBI, owns 99% of Agora Advisory, a consulting firm where Dhaval is a director. The company reportedly had a turnover of $261,000 in 2022, which is significantly more than Madhabi Buch’s disclosed salary with SEBI.

SEBI measures: SEBI has initiated enforcement action against Hindenburg Research, including issuing a notice of appeal to the company. The Buchs claim that Hindenburg’s recent allegations are an attempt at character assassination in response to SEBI’s actions against them.

With contributions from agencies