ICICI Bank refutes Congress allegations of post-retirement payments to SEBI chairperson Madhabi Puri Buch amid fresh accusations of office for profit – Times of India

NEW DELHI: ICICI Bank has issued a powerful denial in response to latest allegations from the Congress get together on Monday, which accused SEBI Chairperson Madhabi Puri Buch of receiving common earnings from the financial institution and its asset administration arm, ICICI Prudential, whereas serving as a whole-time member and later Chairperson of the capital markets regulator. The allegations counsel a battle of curiosity and a violation of workplace for revenue norms.

Pawan Khera , chairman of the Media and Publicity Division for the Congress in a press convention held on Monday, alleged that Buch obtained a complete of Rs 16.80 crore between 2017 and 2024 from ICICI Financial institution, ICICI Prudential, ESOPs, and TDS on ESOPs. “She [Madhabi Puri Buch], between 2017 and 2024, was taking common earnings of Rs 16 crore 80 lakhs from ICICI Financial institution,” Khera claimed.
The Congress offered an in depth breakdown of those funds, alleging that Buch obtained:

The Congress additionally alleged that in this era, Buch was receiving a wage from SEBI whereas overseeing adjudications involving ICICI Financial institution, elevating considerations about potential conflicts of curiosity. Khera additional claimed that Buch had relaxed regulatory norms for ICICI Financial institution throughout her tenure at SEBI, citing unnamed experiences.
Khera stated, “The particular person sitting on the high of the regulator is taking salaries from one other entity,” labeling it a transparent case of “workplace for revenue.”
In response, ICICI Financial institution reiterated its earlier assertion denying any post-retirement wage or ESOP grants to Buch after she opted for superannuation on October 31, 2013. The financial institution acknowledged, “ICICI Financial institution or its group corporations haven’t paid any wage or granted any ESOPs to Madhabi Puri Buch after her retirement, apart from her retiral advantages.” The financial institution clarified that any funds made to Buch post-retirement have been associated to ESOPs and retiral advantages accrued throughout her employment.
ICICI Financial institution defined that underneath its ESOP guidelines, staff, together with retired staff, may train their ESOPs as much as 10 years from the date of vesting, and any earnings derived from these ESOPs was handled as perquisite earnings underneath Earnings Tax guidelines.
Beforehand, Buch and her husband have been additionally accused by Hindenburg Analysis of getting stakes in offshore funds linked to the Adani Group, allegations each have denied as baseless.
Buch has maintained that her funds are clear, and the Adani Group has equally dismissed the allegations, asserting that it has no business relationship with Buch or her husband.