In a groundbreaking allegation, Hindenburg Research in a fresh report alleged that Securities and Exchange Board of India (SEBI) chairperson Madhabi Buch and her husband had stake in obscure offshore entities used in Adani scandal.
The new allegation came around 18 months after the Hindenburg claimed that the Adani Group had orchestrated the "largest con in corporate history", leading to a massive plunge in the conglomerate's market valuation.
FULL REPORT | SEBI chairperson Madhabi Buch had stake in offshore entities used in Adani scandal: Hindenburg Research
“Eighteen months after its damning report on Adani, SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities,” it claimed in its new report.
Who is Dhaval Bach?
According to his LinkedIn profile, Dhaval Buch is currently serving as a senior advisor at Blackstone and at Alvarez & Marsal. He also serves as a non-executive director on the Board of Gildan. Alvarez & Marsal's official website carries a profile of Buch, saying that their senior advisor got operational experience of over three decades across Asia, Africa, Russia and the United States. Supply chain planning, procurement, manufacturing, logistics and distribution are his areas of expertise, the website says.
"Mr. Buch earned a bachelor’s degree in mechanical engineering from the Indian Institute of Technology. He was a board member of Unilever Asia Private Limited and Hindustan Unilever and a chairman of Unilever Nepal," the website said.
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"Prior to joining A&M, Mr. Buch spent over 30 years with Unilever, where he most recently served as Chief Procurement Officer," it further said.
Dhaval Buch had worked with Unilever in Asia, Africa and Russia to lead manufacturing and logistics operations. He coordinated operations across 120 factories and 100 distribution centres, "produce and move five million tons of branded products; implement the global supply chain structure; and export $220 million in branded products over 20 countries," the profile on the A&V website further elaborated.
