New Delhi: Amid a crisis which has brought the Adani Group under the lens of regulators, its founder Gautam Adani remained absent at the global investors’ summit in Lucknow on Friday, February 10.The three-day event was inaugurated by Prime Minister Narendra Modi in the presence of Uttar Pradesh chief minister Yogi Adityanath and prominent industrialists, including Mukesh Ambani and Kumar Mangalam Birla.According to news reports, top industry leaders pledged billions of dollars in infrastructure and business development at the event.State infrastructure and industries minister Nand Gopal Gupta Nandi told the Indian Express that the Adani Group had promised to invest about Rs 60,000-70,000 crore, however, who represents the company at the summit remains to be seen.It’s also not known whether Adani won’t come at all, but he didn’t show up on the opening day of the summit – the only day attended by the prime minister.The billionaire, who is facing allegations of stock manipulation and accounting fraud by US-based short seller Hindenburg Research, has come under the lens of Indian and global regulators. Adani has denied the allegations, calling them “malicious”, “baseless”, and a “calculated attack on India”.The group’s valuations have nearly halved since the release of the report. Adani also dropped out of the list of the world’s top 10 richest people.Questions over his close ties with Prime Minister Modi have not only been raised by the opposition parties but also reported by various media outlets. However, Adani has denied he received any favours from the prime minister to grow his business empire.Bloomberg reported how serious damage to Adani’s empire could derail Modi’s economic plans as the conglomerate operates the largest chunk of infrastructure projects – including mines, ports and airports – in India.Separately, promoters of the Adani Group had to prepay loans worth $1.11 billion (approximately Rs 9,200 crore) on February 6, after the company faced a margin call of more than $500 million (approximately Rs 4,100 crore), the Financial Times reported. According to Forbes, a margin call is a warning that you need to bring your margin account back into good standing. You might have to deposit cash or additional securities into your account, or you might need to sell securities to increase the ratio of assets you own entirely to the amount you borrowed.Norway’s sovereign wealth fund, the world’s largest stock investor, said it had sold its stake in Adani Group worth around $200 million.Additionally, financial index provider MSCI said it will change its weightings for the group stocks after reviewing how many shares can be traded freely.