Among the many collection of allegations levelled by the Indian Nationwide Congress in opposition to Securities and Trade Board of India (Sebi) Chairperson Madhabi Puri Buch, one which stands out is the declare that the Sebi chief has rented out a tony central Mumbai condominium, one which she collectively owns with partner Dhaval Buch, to a agency linked to multinational pharmaceutical and biotechnology firm Wockhardt.
When India Immediately visited Vivarea, a luxurious condominium complicated in central Mumbai’s Mahalaxmi space, workers on the high-rise claimed the condominium, Quantity 102 in Tower Wing D, was occupied by Wockhardt Hospitals Managing Director Zahabiya Khorakiwala and Wockhardt Chairman Habil Khorakiwala.
Congress spokesperson Pawan Khera claimed on September 6 that Buch and her husband owned this condominium and had rented it out in 2018-19 to Carol Information Companies Ltd, a subsidiary of Khorakiwala Holdings and Investments Personal Ltd (KHIPL).
The administrators of KHIPL are Habil Fakhruddin Khorakiwala, Murtaza Habil Khorakiwala and Nafisa Habil Khorakiwala. Habil, the founding father of the Wockhardt group, is married to Nafisa. He has three kids: Huzaifa, Murtaza, and Zahabiya.
Giving a break-up of the hire obtained by Buch, Khera stated, “In 2018-19, the hire for this property was Rs 7 lakh. In 2019-20, it elevated to Rs 36 lakh. In 2023-24, she obtained a hire of Rs 46 lakh from the agency”.
In whole, the Congress claimed, the Buch’s had obtained over Rs 2 crore as hire for the flat. Khera alleged this occurred at a time when Sebi was investigating Wockhardt Ltd for alleged insider buying and selling and that this hints in direction of a “quid professional quo”.
Denying the Congress allegations the exact same day, a Wockhardt Ltd regulatory submitting to the inventory exchanges stated, “It has come to our consideration that there are particular allegations pertaining to fee of hire by Carol Information Companies Ltd and its reference to sure orders handed by SEBI in relation to the corporate.
On this regard, we categorically deny these allegations and state that these allegations are utterly baseless and deceptive. The corporate has acted and continues to behave in compliance with all relevant legal guidelines.”
No remark, says Wockhardt
Subsequently, Enterprise Immediately reached out to a Wockhardt Group spokesperson to hunt a response on what use this luxurious condominium has been put to by Carol Information Companies, who its occupants have been, whether or not certainly Zahabiya Khorakiwala and Habil Khorakiwala had or have been residing in it, and what the lease interval of this property was.
In reply, a spokesperson for the Wockhardt Group stated, “No remark.”
BT additionally reached out to Habil Khorakiwala and daughter Zahabiya for his or her feedback on this subject and can replace this text with the response because it turns into obtainable.
The Sebi chief has not responded to the Congress claims concerning the rental deal for this condominium and different latest allegations. On the very outset of the controversy, the Buch’s had hit out on the first set of allegations with detailed clarifications.
House of the Extremely-Wealthy
In January 2024—months earlier than these allegations in opposition to the Sebi Chairperson—the posh condominium complicated Vivarea, developed by Mumbai-based actual property participant Ok. Raheja Group, was within the information for very completely different causes. A board member at a number one client items firm had bought two sea-view luxurious residences there for about Rs 47 crore.
Months after that buy, promoters of a Delhi-based design consultancy and structure agency additionally joined the checklist. Investing Rs 155 crore, the group’s promoters picked up eight sea-view residences in Vivarea. The luxurious condominium complicated has a bunch of different company honchos and entrepreneur homeowners as properly.
Positioned off the Mahalaxmi railway station, Vivarea is a luxurious residential venture unfold throughout 14 acres of land and contains of 5 towers. It has three, four-bedroom residences, a lot of which offer an imposing view of the Arabian Sea and the Mumbai skyline. Actual property portals checklist costs of flats right here from Rs 15 crore and going as much as properly over Rs 50 crore. Brokers say rents within the constructing are excessive, with a 3 bed room condominium, measuring round 2,000 sq. ft., renting for Rs 5 lakh a month, going as much as Rs 7.5-8 lakh for a 3,000 sq. ft. 4 bed room condominium.
