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Former SEBI chief Madhabi Puri Buch gets clean chit from Lokpal over Hindenburg allegations

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Bombay High Court stays case against ex-SEBI chief Madhabi Buch

The Lokpal, India’s anti-corruption ombudsman, on Wednesday dismissed complaints against former Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch, which alleged impropriety and conflict of interest based on a Hindenburg Research report.

The Lokpal described the accusations, including those raised by Trinamool Congress MP Mahua Moitra, as “presumptions and assumptions” lacking verifiable evidence.

The complaints stemmed from Hindenburg’s 10 August 2024 report, which claimed Buch and her husband held stakes in obscure offshore funds linked to an alleged money-siphoning scheme involving the Adani Group.

Buch and the Adani Group rejected the allegations, with Buch asserting that the report aimed to undermine SEBI’s credibility through character assassination, while the Adani Group called it malicious and manipulative.

In its order, a six-member Lokpal bench, led by chairperson Justice A.M. Khanwilkar, stated, “The allegations are speculative, unsupported by credible evidence, and do not meet the criteria for offenses warranting an investigation.”

Consequently, the complaints were disposed of. The Lokpal noted that the Hindenburg report, produced by a short-seller targeting the Adani Group, could not serve as the sole basis for action against Buch.

Buch, who served as SEBI chief from 2 March 2022 until 28 February 2025, had been asked by the Lokpal on 8 November 2024 to respond to the complaints filed by Moitra and two others.

She submitted an affidavit on 7 December 2024, addressing the allegations and raising preliminary objections. On 19 December 2024, the Lokpal scheduled oral hearings to allow Buch and the complainants to clarify their positions.

Hindenburg Research announced its closure in January 2025. The Lokpal held oral arguments on 9 April 2025, after additional documents and affidavits were submitted. The advocate for one complainant presented detailed arguments, while the proxy counsel for another opted for written submissions.

Moitra’s counsel did not attend or present oral arguments. Buch, represented by senior counsel, provided comprehensive submissions. Parties were given time to file written responses post-hearing.

The complainants primarily cited Sections 7 and 11 of the Prevention of Corruption Act, 1988, alleging Buch sought undue advantage. The Lokpal examined five key allegations raised during arguments and submissions, ultimately finding them “untenable, unsubstantiated, and frivolous,” leading to the dismissal of the complaints.

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Mamata Banerjee warns BJP, EC over Bengal polls, says they will be accountable

Mamata Banerjee holds BJP and Election Commission responsible for any incidents during Bengal polls, raising concerns over officer transfers.

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West Bengal Chief Minister Mamata Banerjee has held the Bharatiya Janata Party (BJP) and the Election Commission of India responsible for any untoward incidents in the state during the upcoming assembly elections, following the transfer of key officials.

Addressing concerns over administrative reshuffles, Banerjee said that changes involving senior bureaucrats, including the chief secretary and home secretary, could affect governance and law and order in the state during a crucial period.

The Trinamool Congress chief also announced candidates for 291 constituencies for the elections scheduled to be held in two phases on April 23 and 29.

Criticising the Election Commission, Banerjee alleged that the transfers were being carried out in a manner that benefits the BJP. She questioned the timing of the decisions and said such actions weaken the state administration at a sensitive time.

She further raised concerns about disaster management and essential services, stating that experienced officials familiar with the state’s situation have been replaced. According to her, this could impact administrative efficiency if any emergency arises before the new government is formed.

Protecting Bengal’s identity

Banerjee emphasised that the election is not merely about forming a government but about safeguarding Bengal’s identity and existence. She accused the BJP of misusing central agencies and attempting to influence the electoral process.

She urged that elections should be conducted peacefully, without external interference, and in line with democratic principles. The chief minister also expressed confidence that her party would return to power with a stronger mandate.

Appealing to voters, she called for support for the Trinamool Congress, asserting that the people of Bengal will ultimately decide the outcome and protect their democratic rights.

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Centre assures action on LPG supply disruption, court closes distributors’ plea

The Bombay High Court closed a plea by LPG distributors after the Centre assured diplomatic efforts to stabilise supply amid global disruptions.

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LPG cylinder

The Union government on Tuesday informed the Bombay High Court that it is taking diplomatic steps to address disruptions in Liquefied Petroleum Gas (LPG) supply linked to the ongoing Iran-Israel conflict, following which the court disposed of a petition filed by LPG distributors.

Appearing before the Nagpur bench, Solicitor General Tushar Mehta said the Centre was actively engaged in international-level negotiations to stabilise LPG supply. However, he noted that specific measures could not be disclosed due to their sensitive nature.

The matter was heard by a division bench comprising Justices Anil S Kilor and Raj D Wakode. The bench accepted the government’s assurances and closed the plea.

Distributors flagged supply disruption in Vidarbha

The petition was filed by six LPG distributors, including Omkar Sales, who raised concerns over disruptions in supply chains across Maharashtra’s Vidarbha region. They claimed the situation had led to a significant shortage of LPG for domestic consumers.

The distributors, dependent on Confidence Petroleum India Ltd (CPIL), alleged that despite directives prioritising domestic consumption, LPG was being diverted for export to capitalise on high international prices.

Government cites policy compliance, CPIL denies diversion

The petitioners referred to recent orders issued under the Essential Commodities Act and the Natural Gas (Supply Regulation) Order, 2026, which mandate prioritising household LPG supply during crises.

However, CPIL rejected the allegations, stating it was fulfilling pre-existing export commitments and had not violated any policy norms.

Court had earlier termed issue ‘serious’

During earlier hearings, the court had described the matter as “serious” and of “grave importance”, issuing notices to the Centre and the Ministry of Petroleum and Natural Gas.

On Tuesday, the Centre reiterated that macro-level supply challenges arising from global geopolitical tensions were being handled through diplomatic channels. It also said that any localised supply issues could be resolved by state authorities.

Taking note of these submissions, the bench disposed of the petition.

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Om Birla likely to move motion to revoke suspension of 8 opposition MPs today

The Lok Sabha is likely to revoke the suspension of eight opposition MPs today, with a motion expected to be moved by the government following consensus on maintaining discipline.

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Om Birla

The suspension of eight opposition Members of Parliament in the Lok Sabha is expected to be revoked on Tuesday, with Speaker Om Birla likely to initiate the process, according to sources.

The MPs, including seven from the Congress and one from the CPI(M), were suspended on February 3 for unruly conduct during the first phase of the Budget session after a resolution was adopted by the House.

Motion to be moved in Lok Sabha

Congress leader K Suresh said that Parliamentary Affairs Minister Kiren Rijiju is expected to move a motion around noon seeking revocation of the suspensions.

Although the suspension was initially imposed for the entire session, scheduled to conclude on April 2, opposition parties have consistently demanded reconsideration since the second phase of the session began on March 9.

Agreement on maintaining decorum

At a recent meeting convened by the Speaker, both ruling and opposition sides reportedly agreed on maintaining discipline in the House.

Key understandings include:

  • No member will enter the well of the House to protest
  • Papers will not be torn or thrown toward the Chair
  • MPs will not climb onto officials’ tables

The Lok Sabha Secretariat has also reminded members to keep areas within the Parliament premises obstruction-free to ensure smooth movement.

Speaker raises concern over conduct

Earlier, Om Birla had expressed concern over the use of banners, placards, and inappropriate language by some MPs. In a letter to party leaders, he stressed the need to uphold the dignity and traditions of parliamentary democracy.

He had also indicated that actions like suspension are taken in cases of serious misconduct, such as climbing onto tables during proceedings.

Suspended MPs

The suspended MPs include Gurjeet Singh Aujla, Hibi Eden, C Kiran Kumar Reddy, Amarinder Singh Raja Warring, Manickam Tagore, Prashant Padole, Dean Kuriakose (Congress), and S Venkatesan (CPI-M).

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