However, Sebi chief Madhabi Puri Buch did not attend the crucial meeting called by PAC on Thursday, citing “pressing reasons.” This led the PAC chairperson and Congress leader KC Venugopal to put off the meeting, which triggered a stormy war of words with BJP members over alleged “unilateral” decisions being taken by him.
The PAC called Buch to examine Sebi’s functioning after grave allegations of conflict of interest were leveled against her by US-based short-seller Hindenburg Research, which Buch has categorically denied. Allegations were also leveled against her regarding an office of Hindenburg Research, which the bank has categorically denied. All these have been preceded by shrill demands from the Congress party seeking her removal.
Venugopal said the PAC decided to discuss regulatory bodies, of which Sebi is one. Buch sought an exemption, but when that was disallowed, she confirmed. However, at 9:30 AM, the PAC was informed that she could not come to Delhi owing to a personal emergency. “As a courtesy to her situation, we postponed the meeting,” Venugopal said.
BJP members soon termed Venugopal’s moves as “unparliamentary” and “politically motivated.” Ravi Shankar Prasad accused the chairman of a “one-man show,” as many members of the PAC were then seen reaching out to Lok Sabha Speaker Om Birla, complaining about his conduct.
In his letter to the Speaker, Nishikant Dubey complained that Venugopal was raising “non-existent” issues intended to destabilize the central government and “jeopardize the financial stability” of the country.
The PAC will hold a revised meeting, but the heavy presence of the BJP on the panel implies that any opposition-led moves are likely to meet with substantial resistance.
