November 23, 2007	Friday	Ziqa’ad 12, 1428

LAHORE, Nov 22: Justice Syed Hamid Ali Shah of the Lahore High Court on Wednesday suspended Securities and Exchange Commission of Pakistan (SECP) order through which it had withdrawn nomination of Lahore Stock Exchange (LSE) Chairman Hamesh Khan as a member of the board of directors.

The petitioner, Liaqat Ansari, a member of the LSE, said Hamesh was elected as the chairman of the LSE board of directors when the LSE withdrew its nomination as the member of the board of directors.

Fawad Chaudhry advocate, representing Liaqat Ansari, argued that the SECP withdrawal order was illegal because it did not give any reason for the action. The lawyer added Hamesh was condemned unheard against the principal of natural justice.

He argued under the LSE rules, once the SECP nominated a member as director, it could not reverse the decision. The lawyer said the LSE rules and regulations became impertinent because the whole affair was being governed by the Companies Ordinance 1984.The proceedings would resume on Nov 26, when the Securities and Exchange Commission of Pakistan (SECP) submit its side of the story.