“The decision to invest in this fund was taken because the Chief Investment Officer, Mr. Anil Ahuja, is a childhood friend of Dhaval from school and IIT Delhi and being an ex-employee of Citibank, JP Morgan and 3i Group plc, had many decades of a strong investment career behind him. That these were the drivers for the investment decision is confirmed by the fact that when, in 2018, Mr. Ahuja stepped down from his position as Chief Investment Officer of the fund, we redeemed the investment in that fund,” the Buch family said in a statement.
The Buch stated, as Ahuja confirmed, that at no time did the fund invest in any bonds, stocks or derivatives of any kind. Adani Group company.
In a separate statement, 360 WAM, which managed the offshore fund, also said it had not made any investment in any shares of the fund. Adani To group together either directly or indirectly through a fund.
The Sebi chief said the investment in the fund was made in 2015 when both were private citizens living in Singapore and almost 2 years before Madhabi joined SEBI, even as a full-time member. The Hindenburg report also questioned Dhaval’s appointment at Blackstone and Sebi’s approval of Blackstone-backed REIT IPOs of Mindspace and Nexus Select Trust. “Dhaval’s appointment, in 2019, as a Senior Advisor to Blackstone Private Equity was due to his deep expertise in supply chain management. His appointment, therefore, predates Madhabi’s appointment as a Senior Advisor to Blackstone Private Equity.” SEBI Chairman. This appointment has been in the public domain ever since. At no point of time has Dhaval been associated with Blackstone’s real estate business. Following his appointment, the Blackstone Group was immediately added to the list of Madhabi’s disqualifications maintained by SEBI,” the statement read. Dhaval Buch, an alumnus of IIT Delhi, worked with THEM and Unilever globally as part of its senior management team for 35 years before joining the private equity firm.
“All SEBI regulations are approved by its Board of Directors (and not by its Chairman) after extensive public consultation. Insinuations that some of these matters relating to the REIT industry were favours to any specific party are malicious and motivated,” the SEBI chief said.
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