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Correspondent

21 August 2024 at 3:50:16 pm

Truth Delayed

The Bombay High Court’s decision to hand the Disha Salian death case to the Central Bureau of Investigation (CBI) is a welcome, though long overdue move. For six years, the death of the 28-year-old celebrity manager has remained trapped between an official narrative and a cloud of unanswered questions. Salian fell from the 14th floor of a Mumbai building on June 8, 2020. Six days later, actor Sushant Singh Rajput, whom she had managed, was found dead. The coincidence has since fuelled...

Truth Delayed

The Bombay High Court’s decision to hand the Disha Salian death case to the Central Bureau of Investigation (CBI) is a welcome, though long overdue move. For six years, the death of the 28-year-old celebrity manager has remained trapped between an official narrative and a cloud of unanswered questions. Salian fell from the 14th floor of a Mumbai building on June 8, 2020. Six days later, actor Sushant Singh Rajput, whom she had managed, was found dead. The coincidence has since fuelled enormous public speculation. The disturbing question is why it took so long for the machinery of justice to seriously address the allegations made by Salian’s own father. Satish Salian has alleged that his daughter was sexually assaulted and murdered and has sought an FIR naming Shiv Sena (UBT) leader Aaditya Thackeray and others. The Mumbai Police and state authorities had maintained that there was no foul play. When a bereaved parent continues to raise serious questions about the circumstances of a child’s death, the answer cannot simply be bureaucratic closure. The High Court has now opened the case to an independent investigation. The CBI has been directed to register an FIR and investigate all aspects of the circumstances surrounding Salian’s death. The court has also made clear that nobody should be treated as an accused unless the investigation establishes a reasonable basis for doing so. There should be no political protection racket in the name of preserving reputations. If the allegations of murder and sexual assault are false, the investigation should establish that conclusively. If they are true, those responsible must face the law. And that includes the powerful and well-connected. Too many cases where involving influence, political connections or proximity to power have created a justified suspicion that ordinary rules do not apply to extraordinary people. It is time that corrosive public perception changed. The significance of the High Court’s order lies in restoring a credible search for answers – something that has not been in evidence in the last six years. When allegations of foul play are made by the family and an FIR is not registered, questions about the adequacy of the original investigation are inevitable. The court has now ensured that those questions are examined rather than allowed to gather dust. The CBI must now go beyond the competing narratives that have surrounded the case since 2020. Its job is to establish, through evidence, what happened that night, whether the circumstances of Salian’s death were properly investigated in the first place, and whether there is any basis for the serious allegations made by her father. After six years, the Salian family deserves more than competing versions of events. It deserves the truth. So does the public.

Lateral upgrade to ailing annihilation

Updated: Oct 21, 2024

Lateral upgrade to ailing annihilation

Being the first person from the private sector to be appointed as chairperson of Securities and Exchange Board of India (SEBI) as part of the government’s lateral initiative, Madhabi Puri Buch also holds the honour of being the first woman to hold the top post as capital market regulator.

But the laurels that the former private sector banker enjoyed in her earlier stint with ICICI Bank, was marred with allegations that she and her husband were having a stake in offshore entities, which were used to artificially inflate shares of Adani group companies.

Terming the allegation as `character assassination, Buch clarified that all disclosures have already been furnished and the fund in question did not invest in any securities involving the Adani group.

When it rains, it pours. This allegation was subsequently followed by Congress Party allegation that Buch had received salary and post-retirement benefits from ICICI Bank after she quit the private sector bank.

In its clarification to the stock exchanges, ICICI Bank asserted that the payments made to Buch were purely retirement benefits after her exit from the bank and they were neither salary nor employee stock options.

Prior to these allegations, Buch tenure at SEBI was all about bringing in quick reforms on operational issues by changing the format of consultation paper to bring in larger responses digitally. Being data savvy, the rationale of her decisions were democratic based on big data analysis derived from the responses received to the consultation papers.

Further she bifurcated the duties of the SEBI staff between operations and enforcement, which were done by the same persons earlier. Having worked for the private sector in the capital market domain space, Buch had a better understanding of the subject compared to officers from the administrative service in the past that reflected even in her orders as a whole-time director at SEBI before becoming the chairperson. As a whole time director at SEBI, her orders on adjudication issues were more directional to the capital market space, according to experts in the compliance space. She was also quick to revamp the old provisions of the 90s at SEBI.

Being tech and data savvy, Buch enhanced regulatory surveillance and detection of market manipulation, insider trading and fraud while also emphasizing on strengthening corporate governance by introducing stricter rules for independent directors and enhancing disclosures for related-party transactions.

To put in perspective, the annual report of the capital market regulator in the just concluded financial year revealed that the number of investigations related to insider trading jumped to 175 in 2023-24 from 85 in the preceding year while probes related to front running jumped over three times to 83 from 24 in the preceding year.

Transparency in mutual funds by implementing measures to protect retail investors along with tightening norms for initial public offers, particularly in the SME platforms were some of her other positive initiatives including confirmation of denial of any market rumours within 24 hours for the top 100 listed companies which will be extended to top 250 companies from December 1. However increased transparency and compliance with tightening regulations led to increased operational costs for the market participants and hence faced resistance from certain quarters. Born in 1966, Buch completed her primary education in Mumbai and graduated with specialization in Mathematics from Delhi and later obtained a management degree from Indian Institute of Management, Ahmedabad. In between, she got engaged to Dhawal Buch, a director at a consumer goods multinational at the age of eighteen and got married at the age of 21.

Besides ICICI Bank, Buch also worked as a lecturer at a college in England, worked at Greater Pacific Capital in Singapore and ICICI Securities as its CEO. She also worked as executive director on several private sector companies and as a consultant for New Development Bank (Brics Bank).

What now remains to be seen, is whether Buch, who survived the 26/11 terror attack when she along with her husband, was attending a meeting at Taj, be able to overcome the current ordeal. Keeping fingers crossed for the times to come.

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