Zee’s Subhash Chandra Accuses SEBI Chairperson Madhabi Puri Buch of Corruption

In a dramatic press conference, Dr. Subhash Chandra, Chairman of the Essel Group and former Rajya Sabha MP, levelled serious allegations against Madhabi Puri Buch, the current chairperson of SEBI. Dr. Chandra accused Buch of corruption and misuse of power, claiming that she played a key role in the collapse of the Zee-Sony merger deal.

Dr. Chandra alleged that Buch was among those who sought to harm his business interests, specifically referencing a 2019 incident where he struggled to make payments to lenders. He claimed that Buch deliberately obstructed his efforts by pushing lenders to deny him extensions and even imposing fines on mutual funds that offered him leniency.

“I am naming Madhabi Puri Buch as part of the faction that aimed to damage us,” Dr. Chandra asserted, criticizing her for being a significant factor behind the failed Zee-Sony merger.

The Essel Group Chairman recounted an incident from September 2021 when he wrote to then-SEBI Chairman Ajay Tyagi, expressing concerns about Buch’s conduct. Dr. Chandra suggested that Buch’s actions were driven by corruption, which he only realized in retrospect.

Dr. Chandra also revealed that, on February 17, 2024, an intermediary named Manjeet Singh offered to mediate with Buch for a substantial fee, suggesting potential connections between Buch, ICICI Bank, and Chanda Kochhar.

Additionally, Dr. Chandra disclosed that a Zee Media journalist reported Buch’s anger towards Zee Media and suggested that both he and his son would face repercussions. He accused Buch of closely monitoring Zee Group’s news coverage and claimed she made disparaging remarks about him and his son.

Dr. Chandra has called for an investigation into Buch’s conduct and remains steadfast in his commitment to uncovering the truth. He expressed his readiness to face any consequences for speaking out and criticized the lack of response from the finance minister regarding his concerns.