The Supreme Court of India Thursday ordered the investigation into the Adani Group in the matter of Vishal Tiwari v Union of India and Others following an accusation of business malpractice. This follows a research report published by Hindenburg, which chronicles a two-year investigation into Gautam Adani and alleged stock manipulation.

In its ruling, the court asks the Securities and Exchange Board of India to investigate “whether there has been a failure to disclose transactions with related parties” and whether “there was any manipulation of stock prices in contravention of existing laws.” It is forming an expert panel, comprising of six members and headed by a retired supreme court judge, which will examine fortification of investor protection mechanisms. The report is resulting in a loss of $135 billion USD for several listed Adani Group companies.

The Hindenburg report, whose title accuses Adani of pulling a “con” investigates how the illegal activity of the group has harmed Indian markets and put investors at risk. Some of the alleged reasons for this risk are its “use of extreme leverage” and the trend of members breaching financial covenants and obligations, as revealed by regulatory filings. It further alleges that the Adani Group improperly uses offshore tax havens, as well as participates in alleged stock manipulation. The group denies these claims. The Adani Group is the second largest conglomerate in India, and its founder and chairman is the third richest man on Earth.

Despite the report and the ruling, Adani has asserted that all party transactions are “properly disclosed, reviewed, and audited by statutory independent auditors.”