SEBI chief Buch fails to appear before PAC due to 'personal emergency'

Parliament's Public Accounts Committee (PAC) on Thursday (October 24) postponed its sitting after SEBI chairperson Madhabi Puri Buch and other officials expressed inability to attend the meeting, panel chairperson KC Venugopal said.

Buch, under a cloud over allegations of conflict of interest levelled by US-based short-seller Hindenburg, was asked to appear before the PAC, which is reviewing the performance of the market regulator.

Also Read: Hindenburg-Adani row: Parliamentary panel summons SEBI chief Madhabi Buch

"Today morning at 9:30, we got a communication from the SEBI chairperson and other members that because of a personal emergency, she is unable to travel to Delhi," Venugopal told reporters in Delhi.

Considering that the request was made by a woman, the committee decided to postpone the sitting to another day, he said.

BJP accuses Venugopal of taking suo motu decisions

After the PAC meeting was postponed, its member and BJP MP Ravi Shankar Prasad accused Venugopal of taking suo motu decisions. He also said that several PAC members, including those from the BJP and its alliance partners, are approaching LS Speaker Om Birla against Venugopal's conduct.

The PAC is also examining matters related to the Department of Telecommunications and that meeting will go ahead as scheduled during the post-lunch session.

Also Read: Congress makes fresh allegations against Madhabi Buch, asks if PM ‘is aware’

The committee's decision to include the performance review of regulatory bodies established by legislation in its agenda invited no protest, but Venugopal's move to call Buch raised hackles of the BJP members as she has been at the centre of a political row ignited by the Hindenburg's allegations.

The short-seller's accusation against Buch was seized upon by the Congress to seek her ouster and to attack the government, rendering political dimensions to the panel's missive to her to appear before it.

Nishikant Dubey writes to Lok Sabha Speaker

BJP MP Nishikant Dubey, a member of the panel, wrote to Lok Sabha Speaker Om Birla against Venugopal, accusing the senior Congress leader of raking up "non-existent" issues to defame the central government and "destabilise" the country's financial structure and economy.

Accusing Venugopal of "unconstitutional and disdainful" conduct, Dubey claimed the Congress leader's conduct is guided by political motivations as voters compelled his party to sit in the opposition benches following the Lok Sabha polls.

Also Read: 'Venugopal working to defame govt': Dubey tells LS Speaker, after PAC summons to Buch

Claiming that unverified allegations by a foreign company like Hindenburg against Buch were part of such a campaign, he alleged that the “India Chapter” of this toolkit has become active.

(With inputs from agencies)