Dr Reddy’s Lab and Pidilite Clarify Engagement with Agora Advisory amid Allegations
Moneylife Digital Team 11 September 2024
In response to recent allegations regarding engagements with Agora Advisory Private Limited, both Dr Reddy’s Laboratories Ltd and Pidilite Industries Ltd have issued formal statements refuting claims of impropriety.
 
Dr Reddy’s Lab says it had engaged the services of Dhaval Buch, the husband of Madhabi Puri Buch, the chairperson of Securities and Exchange Board of India (SEBI), for leadership coaching between October 2020 and April 2021, well before Ms Buch assumed office as the chairperson of SEBI. The total remuneration for the coaching services was Rs6.58 lakh. Dr Reddy’s Lab emphasised that the engagement was part of a routine practice of hiring external coaches to facilitate leadership transitions within the company. 
 
Mr Buch’s extensive experience, including his global work with Unilever, made him an ideal candidate for this role, Dr Reddy’s Lab says, while denying any suggestion that it received preferential treatment from SEBI. It labelled such claims as 'baseless and malafide'. Dr Reddy’s Lab reaffirmed its commitment to full compliance with all applicable laws.
 
Similarly, Pidilite Industries addressed reports regarding its engagement with Agora Advisory. The company stated that in FY19-20, it had engaged Mr Buch, a highly regarded expert in supply chain and procurement, to provide consulting services. Pidilite confirmed that it routinely works with top professionals in various fields and emphasized that it has never been subject to any SEBI investigations or enquiries. The company’s statement was aimed at dispelling any misunderstanding related to recent news reports.
 
Both companies have reiterated their adherence to all relevant legal requirements and have denied any connection between their business dealings with Agora Advisory and the role of Ms Buch at SEBI.
 
The M&M group also dismissed the allegations as 'false and misleading in nature,' clarifying that it had not, at any point, requested SEBI for any preferential treatment (We have covered here). The group maintained that the accusations were unfounded and assured that its conduct remains compliant with all applicable regulations.
 
There have been no disclosures from Sembcorp Ltd and Visu Leasing Finance Ltd, as yet, since they are not publicly listed companies.
 
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