The Lahore Stock Exchange (LSE) has received up to 145 claims from investors and clients, valuing Rs 75 million against its wrongdoer Mehdi Securities. The LSE has set March 12 deadline for the Securities' investors and clients to file their claims with the Exchange.
"Since 13 days are left in expiry of the deadline, we expect more claims and total value of claims is likely to go beyond Rs 100 million," LSE sources told Business Recorder on Friday. The investors and clients must file their claims within 30 days.
The Mehdi Securities' wrongdoings surfaced after the LSE Board of Directors declared it a defaulter and then referred the case to its Defaulters Committee. The LSE Auction Committee made up of Asif Baig Mirza, Umer Khalil and Dr Arslan Razzak then sold his seat for Rs 36.7 million through auction on February 22.
After the deadline for receipt of the claims expires on March 12, the Defaulters Committee will start calling and verifying the affected parties and their claims and finally pay them.