The reconstituted board of the scam-hit National Spot Exchange Ltd (NSEL) decided to file a recovery suit against borrowers shortly.
The board, chaired by Managing Director and Chief Executive Saji Cherian, also decided to approach the Supreme Court to appoint an authority to oversee all court cases to speed the recovery process.
"Speeding the process is the most important challenge before us and, hence, we decided to take all possible steps including approaching individual schools in the vicinity in which borrowers' kids were studying," said Uttam Prakash Agarwal, independent director.
