Enraged at the board's decision to accept the fee cut, the faculty members of the Indian Institute of Management-Calcutta, on Wednesday said that they would explore all options, including legal to oppose the decision.

The faculty members, who met in Kolkata to discuss the development, passed a resolution stating ''we are very much disappointed with chairman Y C Deveshwar's decision. We expected that he would take a stand similar to that of IIM-Ahmedabad."

• The IIM Controversy: Complete Coverage

Briefing reporters about the meeting, Prof Ashish Bhattacharya, dean, planning and administration, said that the members were "shocked and anguished" at the decision by the chairman of the board of governors Y C Deveshwar and urged him to reconsider it.

Prof Bhattacharya said that the chairman has not looked into the concerns raised by the faculty at the board of governor meeting held on March 26.

Deveshwar, who had been authorised by the board to draft a resolution in the light of the discussion on the March 26 meeting, circulated the copy of the resolution to the board members last evening accepting the fee-cut as proposed by the government.

"We believe it was just a draft of the resolution which has to be approved by the BoG," Prof Bhattacharya said.

He said that the faculty members have expressed concerns at the allocation of government funds to the institute and maintenance of its autonomy.

"Last year, no government fund came to the institute," he said.

Prof Bhattacharya said that the faculty never expected such a resolution from the chairman as the matter was sub-judice since it was lying before the Supreme Court.

The best option at this stage would have been to maintain status quo till the apex court gave its verdict on the issue as IIM-Ahmedabad has done.

He also said that the chairman has already expressed his desire to meet the faculty and the meeting would be held on April 16.