What is the ruling of Islamic law regarding a select group of literary figures translating and interpreting the meanings of the Quran into Urdu verse?

After reviewing the question, we hold that a translation of the Quran is not considered the Quran itself. Upon transferring the words of the Quran from their original Quranic composition into a non-Arabic language, it becomes merely a translation of its meanings; it is not the Quran, does not carry its rulings, and is not the miracle given to Messenger of Allah (peace and blessings be upon him).

If, however, the meanings of the Quran are rendered in a respectful manner, and is free of mockery, deficiency, distortion, or anything that detracts from the dignity of the text, then there is no harm in doing so, even if it is rendered in verse. This is especially the case if the composition is met with respect and reverence in the target language, or if it holds greater solemnity among its speakers.

And Allah the Almighty knows best.