Karachi Cotton Association (KCA) has cancelled the membership of four of its brokers on the grounds of Director Trade Organisation (DTO) requirements and non-payment of fee and arrears. According to a KCA source here on Saturday Farooq Cotton Mills (Pvt) Ltd with registration number 639, Interlink Trading Company, Shamim Brothers and Silver Star (Pvt) Ltd failed to comply with DTO requirements and amended articles of association of KCA despite several reminders.
He said the decision to cancel their membership was taken at a meeting of KCA board of director on September 28 and their membership will cease from September 16, 2004. The source said that one of these members Shamim the owner of Shamim Brothers has expired while another was seriously ill and lost interest in cotton trading and KCA affairs.
He said that one member did not submit the copy of the income tax return while another failed to clear membership fee and rent for hiring a room in Karachi Cotton Exchange building.
"We have asked him to pay the outstanding rent of more than Rs 150,000 in instalments but he did not agree to our proposal," the source added.
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