LAHORE, Oct 7: The Lahore High Court on Tuesday summoned the director of a foreign exchange company through the NAB.

The account holders of the Rauf International informed Justice Nasim Sikandar that the cheques issued to them by the company had not been honoured.

The court summoned Rashid Chaudhry through the NAB when informed that he had been arrested by the bureau on corruption charges.

Justice Sikandar had last month directed the six forex companies to pay off their respective account holders immediately.

In response to a petition filed by the Securities and Exchange Commission of Pakistan (SECP), the court had ordered the placement of the names of the directors of six foreign exchange companies on the Exit Control List and the freezing of their respective accounts for carrying out illegal business in Pakistan.

The companies were Bulls and Bears, World Business Consultants, United Brokerage Consultants, Forex International Securities, Trade Station Securities and Rauf International.

The companies had been carrying out the foreign exchange business without obtaining prior approval from the SECP and the State Bank. The directors had not obtained the licence from the SECP for carrying out the business.

Under the law, no company indulged in foreign exchange business could charge its clients more than 25 per cent of its paid up capital. The directors of these six companies had exceeded this limit.

warrants: The Lahore High Court issued on Tuesday non-bailable warrants for Okara SSP on a contempt petition filed by a woman.

Justice Pervez Ahmad ordered that the SSP concerned had not acted in accordance with the court orders nor had he turned up to make an explanation despite being summoned, he should appear before the court on Oct 14.

Parveen Bibi had submitted in a contempt petition that a bailiff had last month recovered her from the illegal confinement of the Renala Khurd police station SHO. The court had directed her to move an application to the Okara SSP who was supposed to carry out a departmental action against the SHO concerned.

The SSP heard the woman and the SHO. Later, the SSP asked her to pardon the SHO, saying that she would not be able to sustain the brunt of police in case any action was taken against him.

Meanwhile, the SHO implicated her husband into a case and had forced her to withdraw the proceedings regarding him.

The woman alleged that the SSP abused her when the highhandedness of the SHO was brought to his notice. The SSP also asked her to withdraw the application she had moved against the SHO.

Parveen Bibi had filed a contempt petition but the SSP did not turn up to make an explanation.