LAHORE, March 13: The Lahore Stock Exchange declared its suspended member Iftikhar Shafi as a defaulter, after giving him an opportunity to present his point of view before the LSE board of directors here on Wednesday.

After the hearing, the board unanimously decided to declare Shafi a defaulter. The meeting was attended by 14 directors, including seven elected, six outside directors and the LSE managing director.

Iftikhar Shafi had defaulted in June 2000 when he failed to meet his huge liabilities towards the LSE Clearing House. He had given two cheques of Rs50 million each to the LSE but both were dishonoured.

A press release said the LSE had been unable to declare him a defaulter in view of a stay order granted in favour of Shafi. On March 11, the division bench of Lahore High Court vacated the stay order. Pursuant to the LHC decision, the LSE was able to declare him a defaulter.

Shafi’s membership and rooms in the LSE building, which were vested in the chamber as a consequence of his being declared a defaulter, were also auctioned on Wednesday to recover the default amount.