New Delhi, Aug 4 (IANS) With charges of corruption mounting against the Commonwealth Games Organising Committee (CGOC), its chairman Suresh Kalmadi said Wednesday he was ready to face any probe and assured that all those guilty will be brought to book.

"I, as chairman of the organising committee, am prepared to face any scrutiny by Comptroller and Auditor General (CAG) or even a judicial probe for all financial transactions being reported by the media. And all those found guilty will be brought to book," he said.

Kalmadi's comments come a day after he set up a three-member panel to probe the foreign ministry's allegations that a letter from the Indian High Commission in London, which CGOC claimed recommended AM Films for the Queen's Baton Relay inaugural in October last year, was tampered with.

Kalmadi said he had asked the probe panel, headed by Jarnail Singh, chief executive officer of organising committee, to submit the report by Thursday.

"I have taken a serious note of these reports and appointed a three member committee headed by Jarnail Singh to look into all the details of Queen's Baton Relay launch function, overlays and Sports Marketing and Management (SMAM) issues. The Committee has been asked to submit its report by Aug 5," he said.

Kalmadi added that the financial procedures at the organising committee were well laid down and transparent.

"Any proposal that is prepared by the Functional Area Head first gets vetted by the organising committee's finance committee which has two representatives of government, and after that it is referred to finance sub-committee, comprising of three senior representatives of government. There after, the proposals are submitted to the executive board for its final approval. The chairman in his individual capacity does not have any financial powers," he said.