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A consulting firm set up by Madhabi Buch before she became a member and chairperson of the Securities and Exchange Board of India is registered at the same address as its statutory auditor, regulatory filings by the firm show.
The firm, Agora Advisory Private Limited, has come under scrutiny after a report by Hindenburg Research on August 10 highlighted it as part of possible conflicts of interest on the part of Buch. The report also alleged Buch and her husband Dhaval had invested in offshore funds linked to the Adani Group. The Buchs denied all the allegations. “All disclosures as required have already been furnished to SEBI over the years,” their statement said.
Documents with the Registrar of Companies show Agora was incorporated on May 7, 2013, with Madhabi Buch as one of its two directors. Buch, then based in Singapore, also registered another firm, Agora Partners Pte Ltd, in Singapore.
The Indian firm’s incorporation certificate states its address as “201, RNJ Corporate, Next to Samrat Hotel, Jawahar Road, Ghatkopar (East), Mumbai”. The same address has been cited in the firm’s latest balance sheets for the year 2023-’24.
These balance sheets have been audited by a chartered accountancy firm called Shah and Savla LLP. Its registered address, according to its filings as well as its website, is “201, 2nd floor, RNJ corporate bldg, Jawahar Road, Ghatkopar East, Mumbai” – the same as Buch’s consulting firm.
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