The Ministry of Corporate Affairs (MCA) website reveals that Agora Advisory, the consultancy co-founded by Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch and her husband Dhaval Buch, is listed as “active.” This contradicts Puri Buch’s assertion that the company became dormant upon her appointment to Sebi.

Hindenburg Research accessed data indicating that Agora generated Rs 2.54 crore in income from 2020-21 to 2023-24, though its earnings significantly decreased to Rs 14 lakh in the last financial year. Puri Buch served as a Sebi whole-time member from April 2017 to October 2021 and returned as chairperson in March 2022.

According to Sameena Jahangir, partner at Kochhar & Co., a dormant company under the Companies Act must meet specific criteria, including minimal accounting transactions. This raises questions about Puri Buch’s use of the term “dormant,” which might not align with the official definition.

Experts suggest that while the company may not have been actively operational, it could still have generated revenue from past engagements or investments. J N Gupta, former Sebi executive director and founder of Stakeholders Empowerment Services, noted that such companies can still earn from previous work or investments.

Queries sent to Sebi and Puri Buch for clarification on this matter went unanswered. The MCA website lists Dhaval Buch as a director of Agora Advisory. Following a rebuttal from Puri Buch and her husband addressing Hindenburg’s claims, the research firm reiterated its call for a detailed account of Agora’s consulting clients and engagements, highlighting the need for transparency.