The two-member committee constituted by the state government has already submitted its report to the Registrar of Cooperative Societies, which is a registering authority for the association.
One of the committee members, Chetan Desai, had confirmed after submitting the report that they have indicted former GCA President Dayanand Narvekar for fraud.
The details of finding are being kept under wraps.
Sources in the registration department said the report would now be forwarded to the Law Ministry, which will have to take a call on what kind of investigations should be conducted against those found guilty.
"It may be a criminal investigation for financial fraud or disciplinary action. Everything depends on the Ministry's suggestion," official said.
The report, it is learnt, has pointed to the financial irregularities committed in constructing the building for GCA by then President Narvekar.
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GCA's managing committee has already dethroned Narvekar replacing him with Vinod Fadke, who was vice president in the association.
The Association will now have fresh elections to elect the President and managing committee.