To my ear, "a one-man committee led by Mr. M" refers to another person, whom Mr. M leads, so I imagine two people in total.
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CalifJimI'd use the "of" form if there's really only one person.CJThanks. Your reply cleared up my doubt. Yes, it is indeed only one person commitee so now I can use the preposition "of" with confidence. Your views about how the word "led up" is sounding to your ears, a native, really me understood the difference. Thanks Jim.