Court summons former LSE MD on July 3

Staff Report

LAHORE: Civil Judge Aslam Shahzad summoned on Wednesday former Lahore Stock Exchange (LSE) managing director Sameer Ahmad to appear in person on July 3 in a petition filed by Diamond Industries Limited (DIL).

The petitioner, through his counsel, said the DIL was closed for three days after a capital market crisis in June 2000, but the LSE had imposed heavy liabilities upon one of the company’s directors Iftikhar Shafi and liquidated the company’s equities without determining Mr Shafi’s share.

The petitioner said DIL was a listed company and the former LSE managing director knew of other assets of the company in the presence of which the company’s equities were wrongly liquidated through a court’s intervention.

The petitioner said Mr Ahmad misled the court in saying that the DIL had no other assets except these liquidated equities. The petitioner asked the court that Mr Ahmad be prosecuted under Section 476 of the Pakistan Penal Code for misleading the court. The court asked the counsel for the LSE to ensure the personal appearance of Mr Ahmad at the next hearing.

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