Violation: LSE expels two members

LAHORE: The Lahore Stock Exchange (LSE) has expelled Khalid Javed Securities and HSZ Securities on account of filing winding up petitions before the Lahore High Court.

The decision was taken in a meeting of the governing board of directors of the exchange.

The two corporate members of the exchange had earlier passed a special resolution for winding up their companies and filed petitions in this regard before the Lahore High Court.

All assets of HSZ Securities and Khalid Javed Securities have been forfeited by the exchange.

These assets would be dealt with in accordance with the regulations of the exchange or as per direction of the Lahore High Court, the board said.

Settlement of investor claims against the companies will be initiated once the court reaches a decision.

Published in The Express Tribune, April 20^th,  2011.