The PAC of the Indian Parliament is directed to call SEBI chairperson Madhabi Puri Buch and another 12 officers from the Department of Economic Affairs and the Department of Revenue for interrogation on October 24, 2024. This comes after a report involving severe accusations against Buch for her links to offshore funds linked to the Adani Group, according to the US-based activist short-seller Hindenburg Research LLC. The PAC is made up of not more than 22 members of the Parliament, whose main function is to scrutinize the government’s revenue and spending.
From the Lok Sabha: fifteen members From the Rajya Sabha: seven members The committee is important in scrutinizing the audit reports from the C&AG as soon as they are laid in Parliament. Congress’ K.C. Venugopal heads the existing PAC and includes colleagues from the ruling National Democratic Alliance (NDA) as well as the INDIA opposition bloc.
Why PAC Summoned Buch?
The summons of Madhabi Puri Buch comes on the backdrop of a controversy that has attracted much public interest. While Hindenburg researched level accusations against DST and AAI, some impunities speak louder: Hindenburg stated that the wife of Bhansali, Buch, and her husband Dhaval Buch’s own stakes in the offshore funds claimed to have been used to siphon off the Adani-related money. Buchs and the Adani Group have vehemently retaliated against these allegations.
Other officials to be called to testify include Telecom Regulatory Authority of India (TRAI) officials. The Indian officials of the revenue department have been called to appear before the PAC to discuss GST scams. PAC wants to look at the reports of the C&AG over 2,447 cases involving ₹32,000 crore fraud reported by the C&AG. This encompasses questions concerning the latest notices that have been served on any corporate house, including the Indian-based IT major Infosys.
Check here for the latest updates in Hindi!