Here are the top 10 developments in this big story:
Alok Verma, on his return to work three months after being sent on leave by the government in a midnight swoop, took a series of controversial decisions; he cancelled the transfers of 10 officers and transferred five others.
Mallikarjun Kharge, the dissenting member of the panel, questioned how Mr Verma could be removed without a hearing and argued that he should be restored to "ensure independence and neutrality of CBI". Contending that the CVC report lacked "substantial findings" against Mr Verma, Mr Kharge -- who had opposed his appointment in 2017 -- said his tenure should be extended as he lost 77 days after being "illegally' transferred".
The PM-led panel based its decision after detailed discussions on a CVC report on the allegations against Mr Verma. The dissent note sent by Mallikarjun Kharge, which summarises the report, however, says it did not find any evidence to substantiate the main allegations against Mr Verma.
Of the 10 allegations against Mr Verma, only three were substantiated, Mr Kharge's note says. The main allegation that Mr Verma took Rs 2 crore from a businessman being investigated by the CBI has not been substantiated.
The Supreme Court had reinstated Mr Verma on Tuesday, scrapping the government's October order sending him on compulsory leave. The court, however, said he was not make any policy decision till the PM-led committee took a call on his status. Chief Justice Ranjan Gogoi dropped out of the committee and nominated Justice Sikri as he was part of the bench that restored Mr Verma.
Mr Verma has been appointed the chief of Fire Services and Home Guards. For now, Nageshwar Rao will replace him at the agency. .
The accusations against Mr Verma was levelled by his number 2, Rakesh Asthana, in October, when the two officers traded corruption charges in an unprecedented public demonstration of rift within the country's premier investigating agency.
As the government sent Mr Verma and Rakesh Asthana on immediate leave and appointed an interim chief in a midnight swoop on October 23, the officer approached the Supreme Court.
The top court's order on Tuesday reinstating him is seen as a major loss of face for the government, which is under opposition attack over allegations of using the investigating agency as a tool against political rivals.
Congress chief Rahul Gandhi tweeted: "Fear is now rampaging through Mr Modi's mind. He can't sleep. He stole 30,000Cr from the IAF and gave it to Anil Ambani. Sacking the CBI Chief #AlokVerma twice in a row, clearly shows that he is now a prisoner of his own lies."
"New Criminal Laws Will Ensure Justice Served Rightly, Timely": Ex CBI Chief Arvind Kejriwal Questioned Inside Jail By CBI On Monday, Tuesday: Sources Murder Accused On Run From Delhi Arrested In Goa Trump's Vice President Pick Reveals How His Hindu Wife Helped Him Engineer Stole NEET Question Paper From Exam Body's Trunk, Arrested By CBI "Someone Must Have Doubted...": Doctor On Trainee IAS Officer's Disability Claim Bharti Airtel Foundation Announces Scholarship For Students Ex Rolls-Royce Head Designer Stabbed To Death In $3 Million Germany Mansion Video: IAS Officer Puja Khedkar's Mother's Angry Exchange With Cops Emerges Track Latest News Live on NDTV.com and get news updates from India and around the world.