In a decisive move, the Lokpal has swept away all corruption allegations against Madhabi Puri Buch, the former head of SEBI, in connection with the Hindenburg report controversy. A six-member bench led by Justice A.M. Khanwilkar found the complaints to be built on mere conjecture rather than solid evidence, dismissing them as baseless and lacking any legal foundation under the Prevention of Corruption Act.
The bench emphasized that the Hindenburg report alone couldn’t serve as a smoking gun to justify punitive action. Instead, the accusations were branded as flimsy and bordering on the frivolous — a case of suspicion without substance.
This ruling not only restores the reputation of Madhabi Puri Buch but also sends a clear message: allegations must be backed by concrete proof, not just speculation or hearsay.
