10 things to know about Dhaval Buch named in Hindenburg report

Dhaval Buch has recently been mentioned in a report by Hindenburg Research, which alleges that he and his wife, SEBI Chairperson Madhabi Buch, were involved in offshore funds connected to a scandal involving the Adani Group.

Dhaval Buch is a prominent figure with a background in finance and consulting, holding positions at Blackstone and Alvarez & Marsal. The report has sparked controversy and led to strong denials from Buch and his wife.

Here are ten key things to know about Dhaval Buch and the situation surrounding him.

Present: Dhaval Buch is a senior advisor at Blackstone and Alvarez & Marsal. He also serves as a non-executive director on the Board of Gildan, an apparel retailer.

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Past: He was previously the Chief Executive Officer of Bristlecone and Interim President, Group Technology for the Mahindra Group. Before these roles, he had a long career at Unilever, where he was the Chief Procurement Officer and ran the supply chain for Asia and Africa.

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

Hindenburg Allegations: The Hindenburg Research report claims that Dhaval Buch and his wife, SEBI Chairperson Madhabi Buch, had stakes in offshore funds linked to the Adani Group’s alleged money siphoning scandal. These funds are reportedly registered in Bermuda and Mauritius.

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Response: Both Madhabi and Dhaval Buch have strongly denied these allegations, asserting that their financial dealings are transparent and all required disclosures have been made to SEBI.

Begining: According to the Hindenburg report, Dhaval Buch is said to have 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 association with Blackstone might have influenced SEBI’s decisions, as the regulator facilitated regulatory changes beneficial to private equity firms like Blackstone.

Financial Transparency: Dhaval Buch has stated that he is willing to disclose all financial documents, including those from before his wife’s appointment at SEBI, to any relevant authority.

Consulting Firm: Madhabi Buch, who is SEBI Chairperson, owns 99% of Agora Advisory, a consulting firm where Dhaval is a director. The firm reportedly earned $261,000 in revenue in 2022, which is significantly higher than Madhabi Buch’s disclosed salary at SEBI.

SEBI’s Action: SEBI has taken enforcement action against Hindenburg Research, which has included issuing a show cause notice to the firm. The Buchs claim that the recent allegations from Hindenburg are an attempt at character assassination in response to SEBI’s actions against them.

With inputs from Agencies