Zania-Editor
In a recent press conference, Pawan Khera, Chairman of the Media and Publicity Department for the Congress party, intensified scrutiny on Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI). Khera raised questions regarding Buch’s financial dealings with ICICI Bank and its subsidiary, ICICI Prudential, during her tenure as a SEBI member and later as its Chairperson.
Khera highlighted that the Congress had directed three specific questions towards ICICI Bank, SEBI Chairperson Madhabi Puri Buch, and another entity. He noted that ICICI Bank had responded to these inquiries, which according to Khera, had further betray details of the issue at hand.
The Congress party alleges that ICICI Bank made pension payments to Buch that fluctuated over the years and were not consistent. Additionally, they claim that Buch received stock options (ESOPs) from ICICI even after her retirement from the organization. Khera questioned why Buch’s retirement benefits or pensions appeared to exceed her annual average salary from ICICI.
He further inquired about the bank’s payment of Tax Deducted at Source (TDS) on Buch’s ESOPs. Khera challenged whether ICICI Bank applies the same protocol for TDS for all its current and former employees, and questioned why this TDS amount was not reported as taxable income for Buch. He argued that this might constitute a breach of the Income Tax Act.
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