The high level panel led by former Comptroller and Auditor General (CAG) V.K. Shunglu has been armed with adequate powers to probe mismanagement and financial wrongdoings in organizing the Commonwealth Games. Shunglu will be joined by Shantanu Consul, secretary in department of personnel and training, after retiring on 31 of this month and submit its report in three months. The terms of reference give the panel a wide-ranging mandate. It includes holding responsible functionaries at all levels and recommend immediate action as warranted under law.The panel will also check if the Games’ money was bungled by reporting wasteful expenditure and financial wrongdoing. The panel will examine how well the Indian Olympic Association and the Delhi government – ‘signatories’ to the Games — understood their daunting task in the first place. It will look into the ‘overall implications of the obligations entered into through the Host City Contract’ — the key agreement that allowed Delhi to host the event. Shunglu’s probe will also examine the functioning of the organizational structure that includes the sports and urban development ministry, the Delhi government, and the Games organizing committee.The panel’s final report will include recommendations for future events of national importance. The panel will also pin point weaknesses. Examine finance issues, planning and execution besides the role of consultants.Multiple agencies probing Games-related finances, such as the CAG, the Central Bureau of Investigation and the Central Vigilance Commission (CVC), will, however, independently carry on their audit and investigations.