Delhi High Court Addresses Subramanian Swamy’s Allegations Against SEBI Chairperson Madhabi Puri Buch
The Delhi High Court recently addressed former Union Minister Subramanian Swamy’s allegations against Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI), regarding the Axis-Max Life Insurance deal. Swamy had claimed that Buch’s prior association with Max Healthcare Institute Limited influenced SEBI’s handling of the deal, which he alleged involved a ₹5,100 crore scam.
Swamy’s public interest litigation (PIL) alleged that Buch’s previous role as an additional director and director at Max Healthcare (from February 4, 2015, to April 3, 2017) was causing delays in SEBI’s investigation of the Axis-Max deal. The High Court, however, noted that Buch was not a party to the PIL and that no amendments had been made to include her in the petition.
The Court emphasized that despite the allegations against Buch, SEBI remains obligated to make decisions based on legal principles. It stated that if SEBI’s final decision was indeed influenced by Buch’s previous professional relationship, Swamy would be entitled to raise this concern at a later stage.
Swamy’s petition accused Axis Bank and its affiliated entities of profiting unduly from the transactions involving Max Life Insurance shares, alleging violations of guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI). Swamy had requested that a committee of experts investigate these transactions.
The Court ultimately dismissed the PIL, directing SEBI and IRDAI to expedite their investigations and ensure they are conducted in accordance with the law. The ruling noted that if further action was necessary, it should be pursued legally.
Senior Advocate Rajshekhar Rao, along with a team of advocates, represented Swamy, while the Central Government was represented by Kirtiman Singh and other legal representatives. SEBI’s interests were defended by Senior Advocate Pratap Venugopal, and Axis Bank was represented by Senior Advocates Mukul Rohtagi and Rajiv Nayar, among others.
(With inputs from agency)
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