The members of the Lahore Stock Exchange on Saturday elected five members directors on the LSE Board for the year 2009. There are 152 members, out of which one died, three memberships were placed under suspension while 28 members could not deposit their dues that resulted in their ineligibility to cast vote. As such 119 members were declared eligible out of which 76 used their right of vote in the election.
THERE WERE SIX CANDIDATES FOR THE FIVE SEATS OF MEMBERS DIRECTORS. THE MEMBERS ELECTED INCLUDE: Dr Arslan Razaque (69 votes) Chaudhry Afzal Rahat (68 votes), Jahanzeb Mirza (69 votes), Naeem Anwar (56 votes), and Omar Khalid Malik (63 votes). It is notable that the former director and members including Gulfam Ahmad Khan Sherwani, Adeel Zafar, Ammar ul Haq and Wasi Ullah had finalised the panel of the wining candidates with a consensus.
The Board will be completed following nomination of the no-members director by the SECP. Meanwhile, the Board meeting that was scheduled for today has been adjourned. According to the members, the meeting could not be held because of lacking serious interest on the part of Managing Director and Chairman who could not ensure their availability for the meeting that had to discuss the market current situation.