Findings from an almost three year investigation by India’s capital markets watchdog into Gautam Adani’s eponymous conglomerate are finally expected to land at the desk of the nation’s Supreme Court on Monday.
Several observers are expecting minor, if any, red marks against the Adani Group after an expert panel appointed by India’s top court in May said the Securities and Exchange Board of India had “drawn a blank” in its investigation into 13 overseas entities alleged to be fronts for Adani companies. The panel accused Sebi of having diluted rules that would have helped break through so-called opaque structures and the regulator’s job is made harder by India’s overlapping web of corporate laws that offer loopholes large businesses often exploit.
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