Apart from Verma, a former justice of Supreme court, and Kumar, the committee has retired bureaucrat M C Gupta as the third member.
The decision to appoint the committee was taken at the All India Tennis Association Executive Committee meeting here.
The committee will discuss the issues with the rebel players and before giving a final report within four months, it will file an interim report so that top players could be brought back for the next tie, slated for April 5-7 in India.
Asked what was the need of forming the committee when the players just wanted an assurance in writing, AITA CEO Hironmoy Chatterjee said they wanted a certain process to the end.
"This policy of blackmailing has been going on for long.
The availability came with pre-conditions and we do not appreciate that. We want to stop it. It is a neutral committee and I am hopeful that the suggestions it would make would be acceptable to both the parties," Chatterjee said.
"It's a step forward, pre-conditions are not welcome.
Hopefully, they (players) will not challenge this committee."
Asked if the suggestions of the committee would be binding on AITA, Chatterjee said, "I am not saying that".
Since AITA will give terms and references to the committee, it was asked how then the committee can be branded as neutral, to which Chatterjee said since none of the committee members are associated with AITA in any way, it was neutral.
When pointed out that if the committee makes suggestions which the AITA does not like, the CEO said he was hopeful that it will not come up with anything which will be "unacceptable to anyone".