PAC Postpones Meeting After Sebi Chairperson Indicates Inability to Attend
New Delhi, 24th October 2024: The Public Accounts Committee (PAC) of Parliament postponed its meeting on Thursday after Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch and other officials indicated they would be unable to attend just hours before the session was scheduled to begin.
PAC Chairperson K.C. Venugopal stated that Buch informed the committee in the morning that she could not participate due to “some pressing reasons.” He explained that during the committee’s initial meeting, they had decided to review regulatory bodies, prompting the call for Sebi’s attendance for this assessment. Venugopal noted that while Buch initially sought an exemption from appearing, the request was denied, and she later confirmed her attendance.
However, at 9:30 AM, Buch communicated that she could not travel to Delhi. Venugopal said that in consideration of her situation, the committee decided to postpone the meeting.
The committee is currently assessing Sebi’s performance, particularly in light of conflict-of-interest allegations raised by Hindenburg, a U.S.-based short-seller. Following the postponement, BJP MP Ravi Shankar Prasad criticized Venugopal for making unilateral decisions, asserting that several committee members, including those from the BJP and its allies, are approaching Lok Sabha Speaker Om Birla to address his conduct.
While the PAC’s decision to review the performance of regulatory bodies did not meet objections, Venugopal’s decision to summon Buch sparked concerns among BJP members. They pointed out that she is at the centre of a political controversy ignited by Hindenburg’s claims. The Congress party has used these allegations to call for Buch’s resignation and to criticize the government, adding a political dimension to the committee’s request.
PAC member BJP MP Nishikant Dubey wrote to the Lok Sabha Speaker, accusing Venugopal of introducing “non-existent” issues to damage the central government’s image and disrupt the country’s financial stability. Dubey claimed that Venugopal’s actions were politically motivated, reflecting the Congress party’s opposition stance following the Lok Sabha elections. He alleged that the unverified claims made by a foreign entity like Hindenburg were part of a broader agenda, suggesting that the ‘India Chapter’ of this toolkit is now active.
