Adani Group

The 92-year-old hedge fund tycoon, George Soros, sent shockwaves through the Indian political scene on Thursday, claiming that Gautam Adani and Prime Minister Narendra Modi's fates are intertwined; he also alleged that Modi is not a 'democrat.'

Earlier, the Supreme Court had said Indian investors had suffered losses running into several lakh crores and suggested formation of a committee of domain experts to put in place robust practices to protect investors.

During a speech ahead of the Munich security conference, billionaire investor George Soros made remarks that infuriated the government. He stressed the recent Adani Group crisis and said that Prime Minister Modi 'must answer questions' from foreign investors and Parliament about allegations of fraud and stock manipulation against the billionaire's companies.

Gautam Adani has gone down to the 24th spot in the global billionaires’ list amid the ongoing row over the scathing report by the US-based short seller Hindenburg Research against the Group.

Since the January 24 report by the US-based short-seller Hindenburg Research, market value of the group's seven listed companies has halved. The group has denied all allegations, calling them "malicious", "baseless" and a "calculated attack on India".

After Hindenburg Research levelled a slew of accusations against the business behemoth, including illegal transactions and share-price manipulation, Adani Group equities have suffered on the stock exchanges.

Hindenburg row: The bench, also comprising justices P S Narasimha and J B Pardiwala, suggested forming a committee of domain experts and others, besides putting in place “robust practices to protect investors”.

The advocate urged the bench that his plea be also heard on Friday along with the separate plea. In his public interest litigation (PIL), Tiwari has also sought directions to set up a special committee to oversee the sanction policy for loans of over Rs 500 crore given to big corporations.

On Monday, Rahul Gandhi had said Prime Minister Narendra Modi will do his best to avert a discussion on the Adani issue in Parliament, asserting that the country should know what power is behind the billionaire businessman.

SEBI has clarified its stand on the ongoing controversy involving the Adani Group, stating that it is committed to ensuring market integrity'.