top of page

By:

Prithvi Asthana

20 August 2025 at 5:20:30 pm

Employee says the fire alarm did not go off

Many officials could not use fire extinguishers Mumbai: In a tragic incident a large fire broke out in the basement of Aaykar Bhavan, the Income Tax office located on Maharshi Karve Road at Churchgate in Mumbai on Monday. According to the sources, the fire broke out at 1:30 pm, but the Mumbai Fire Brigade received the initial call at 2:01 pm and officially declared it as Level-I fire around 2:15 pm. No casualties were reported in the incident and all the employees were rescued from the...

Employee says the fire alarm did not go off

Many officials could not use fire extinguishers Mumbai: In a tragic incident a large fire broke out in the basement of Aaykar Bhavan, the Income Tax office located on Maharshi Karve Road at Churchgate in Mumbai on Monday. According to the sources, the fire broke out at 1:30 pm, but the Mumbai Fire Brigade received the initial call at 2:01 pm and officially declared it as Level-I fire around 2:15 pm. No casualties were reported in the incident and all the employees were rescued from the building. As the building has a centralised air conditioning system and all the windows were closed the smoke from the fire spread rapidly throughout the building. The thick smoke also spread to the surrounding areas pf the building. Around 23 vehicles of the Mumbai Fire Brigade (MFB) were engaged under the intense operation to extinguish the fire from different gates at the building. Backup ambulances police officials, and the BEST staff, were also seen at the site. The MFB deployed a DFO, ADFO, three Senior Station Officers and two Station Officers, along with three fire engines, one CFF, three jet units, one AWTT, one MWT, one WQRV, one TTL and one ALP. Specialised equipment including aerial ladder platform was deployed to evacuate people from the upper floors. Two people, a male and a female were rescued from the Guest House at the seventh floor of the building. Firefighters were successful in rescuing the staff on the lower floors as well. According to an employee, who requested anonymity said, “The fire broke out at 1:30 pm when the staff was having lunch, but the fire alarms did not go off.” “We were not allowed to exit from the main gate,” he added. The employee said, “The fire was confined to the basement and the smoke went up to all the floors of building.” Asked about the loss, the employee said, “As the fire broke out in the godown no person was injured. But the records kept in godown that are mostly old records have been burnt.” When asked about the fire drill protocol, the employee said, “The office staff did not know how to use the extinguishers, a possible reason why the fire’s intensity kept increasing.” Officials did not confirm the cause of the fire and or damage caused in the basement area. The Aaykar Bhavan, Income Tax office is multi-storey government building that serves as a workplace for a large number of Income Tax officials.

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.

Comments

bottom of page