LAHORE, Oct 22: The Board of Directors of Lahore Stock Exchange (LSE) has declared Ajmal Shafiq, one of its members, as defaulter on a number of complaints and claims by investors.

The board took this decision in its meeting on Tuesday. The meeting noted that Mr. Shafiq remained unable to satisfy several claims lodged against him by investors.

Consequent upon the declaration of default, the LSE will auction his seat and utilize the proceeds towards settling investors’ claims.

The board emphasized that though Mr. Shafiq has no amount outstanding to the clearing house of the exchange, nevertheless action was required under LSE’s rules and regulations to safeguard the interests of the investors.