In a significant reprieve for former SEBI chairperson Madhabi Puri Buch, the Lokpal of India has dismissed complaints linking her to the Hindenburg report controversy, stating that the allegations were based more on conjecture than concrete evidence.
Calling the claims “untenable, unsubstantiated, and bordering on frivolity,” the anti-corruption ombudsman firmly shut the door on any further action in the matter. The detailed order, issued on May 28, emphasized that there was “no material evidence to order an investigation against Buch.”
“We have concluded that the allegations in the complaints are based on presumptions and assumptions, not supported by any verifiable material,” the order noted. It went on to clarify that the charges did not meet the threshold under Part III of the Prevention of Corruption Act, 1988, warranting an investigation.
Interestingly, the Lokpal pointed out that the complainants themselves seemed aware of the weak footing of their claims, attempting to construct a case “independent of the stated report.” However, their effort failed to pass muster.
Highlighting its diligence, the order added, “This being a case of corruption alleged against a public servant, we had to reckon the plea or the comment offered by the concerned public servant with care and circumspection.” Ultimately, the decision underlines a clean break for Buch from what now appears to be a baseless smear campaign.
