PAC Summons SEBI Chief Madhabi Buch And Other Revenue Dept Officials

New Delhi: The Public Accounts Committee (PAC) of the parliament has summoned Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch along with other officials from the department of economic affairs and the department of revenue to appear before the panel on October 24, an Economic Times report stated.

This comes after US-based activist shortseller Hindenburg Research LLC stirred controversy by alleging that Madhabi and her husband Dhaval Buch had stakes in offshore funds related to the Adani Group and used to siphon money.

The couple, as well as the Adani Group, have denied the allegations.

The PAC has also sent summons to seven Telecom Regulatory Authority of India (TRAI) officials, according to a Moneycontrol report.

The reports claimed that the revenue department officials were asked about goods and services tax (GST) frauds, to review reports by the C&AG regarding 2,447 cases involving revenue loss of ₹32,000 crore, and for recent notices being sent to corporates including Infosys.

What is the Public Accounts Committee (PAC)?

The PAC is a committee of not more than 22 selected MPs (who are not allowed to be ministers in the government). They audit the revenue and the expenditure of the Government of India.

15 of the members are elected by the Lok Sabha while seven are elected by the Rajya Sabha. They serve as a check on the government’s expenditure bill by examining the audit report of Comptroller and Auditor General (C&AG) after the same is presented in Parliament.

The PAC is currently headed by Congress leader KC Venugopal.