Given the public spotlight, the government was forced to appoint a committee to examine the matter. The retired Bombay High Court Justice M. C. Chagla was appointed as a one-man committee. Chagla held that a transparent and public enquiry was a "very important safeguard for ensuring that the decision will be fair and impartial. The public is entitled to know on what evidence the decision is based.". Consequently, large crowds would attend the hearings which were concluded in just 24 days. Several leading stockbrokers who were on the LIC Investment Committee testified that the investment could not have been made for the purpose of propping up the market, as was claimed by the Finance Ministry, and that had the LIC consulted the Investment Committee, they would have pointed out Mundhra's forged shares episode from 1956. Among those who gave evidence was HT Parekh, then the Deputy general manager of Industrial Credit & Investment Corporation of India, now ICICI Bank, who was also a member of LIC's Investment Committee. HT Parekh's Note to the Investment Committee and his testimony is available in a two-volume collection of his writings.