In this reaction, \( \text{BH}_3 \) reacts with X (a carbonyl group) to reduce the carbonyl group to a secondary alcohol. Then, further reaction with \( \text{H}_2\text{O}_2 \) and \( \text{OH}^- \) converts the alcohol group to a hydroxy group, leading to the product Y.
The product (P) formed in the following reaction is: