The committee comprises of former GCA secretary Chetan Desai and retired bureaucrat Anil Lawanis. The committee has been asked to submit the report within 15 days.
Following complaints from Stamina Sports Clubs of Shiroda and Merces and Curchorem Youth Club, the Inspector General of Registrar of Co-operative Societies (North) N J Hadkonkar initiated an inquiry into the matter.
GCA, headed by former state minister Dayanand Narvekar, came under scanner after two local clubs affiliated to it lodged a complaint.
Meanwhile, the state government has also asked GCA not to take any major decisions till the investigation is over.