A source close to Ashraf told PTI that the ousted chairman had been consulting his lawyers over the issue as he was very upset with the allegations of misuse of funds and mismanagement being made out against him by Sethi and the present managing committee of the board.
"He has also consulted his close aides including former captain Aamir Sohail and he is now seriously thinking about filing a separate case against Sethi for defaming and launching a smear campaign against him," the source said.
The Sethi-led managing committee earlier this week held a meeting in which it an inquiry should be held into the spending of around 20 million rupees during the tenure of Ashraf which were not accounted for.
Even before that Sethi-led board had released a internal audit report of Ashraf's tenure in which he was accused of mismanagement and misuse of funds.
Ashraf denies he misused or mismanaged board funds said this was a smear campaign against him by Sethi and company.