M&M refutes Congress allegations against Sebi chief Madhabi Puri Buch

"We categorically state that we have not, at any point, requested Sebi for any preferential treatment. We maintain the highest standards of corporate governance," said the automaker in an exchange filing.

Dhaval is on the board of Bristlecone, a subsidiary of M&M.

"He joined Mahindra Group almost three years before Madhabi Puri Buch was appointed Sebi chairperson. Compensation has been specifically and only for Mr Buch’s supply chain expertise and management acumen, based on his global experience at Unilever," said M&M.

The group added that none of the orders or approvals referred to in the Congress party's allegations were relevant, as three of them did not pertain to the company or its subsidiaries, while one was a fast-track rights issue that did not require any approval from Sebi. Another order, claimed by the Congress as a conflict of interest, was from March 2018, before Dhaval Buch started working with the Mahindra Group.