SHELL variable causing /c: error message on NT

[bzelitch]

I am using gnu make 3.79.1 on Win2000 and get a 
strange error message. I am trying to set SHELL 
to bash. Here is the file, followed by the output:

***MAKEFILE***
SHELL=/usr/bin/bash
all:
        echo ${SHELL}

***OUTPUT***
echo /usr/bin/bash
/c: /c: No such file or directory


I have also unsuccessfully tried 1) setting SHELL 
to C:/cygwin/bin/bash.exe and 2) exporting SHELL 
from the bash shell. Any ideas?

Thanks!