The Securities and Exchange Board of India on Thursday cleared the Adani Group in connection with an allegation raised by United States-based Hindenburg Research that the conglomerate routed funds through three entities to hide related-party transactions

In two separate orders, the markets regulator said that allegations against the industrialist Gautam Adani-owned conglomerate could not be established. It said that “there was no question” of devolvement of any liability on the Adani Group, adding that no penalty had been imposed.

The orders cleared Gautam Adani, his brother Rajesh Adani and key Adani Group firms – Adani Ports and SEZ, Adani Power and Adicorp Enterprises, The Indian Express reported.

The investigation pertained to allegations that Adicorp Enterprises, Mileston

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