India’s Supreme Court has ruled against escalating an investigation into Gautam Adani’s conglomerate, which would have transferred it to a special investigative unit, in a decision welcomed by the billionaire businessman as he looks to move past short-seller allegations of fraud.
A Supreme Court bench led by chief justice Dhananjaya Chandrachud said there were no grounds to transfer a probe by India’s markets regulator to another law enforcement agency, according to local media reports.
The court gave the Securities and Exchange Board of India three months to complete multiple long-running investigations into the Adani Group, which US short seller Hindenburg Research last January accused of “pulling the largest con in corporate history”. Adani denies Hindenburg’s allegations.