The Appellate bench formed to hear the appeal of Wasi Securities in the matter of the arbitration award passed in favor of an investor to the tune of payment of Rs 14.5 million, has rejected the appeal of the corporation. As a result of this, Wasi Securities has had to comply with the payment of the aforesaid money to the aggrieved investor failing which Wasi Securities may be expelled by the Board. It is worth noting that the arbitration award had been announced on September 1, 2009, but the process has remained pending due to frivolous litigation initiated by Wasi Securities due to which the investor suffered for more than one and a half year.
The matter of the expulsion of Wasi Securities is now held up because of another ad interim injunction granted by the learned Civil Court of Lahore. If expelled, all assets of Wasi Securities (SMC-Pvt) Limited, corporate member, shall be forfeited by and vested in the Exchange, as provided in the Memorandum and Articles of Association and Regulations of the Exchange. On expulsion, the process of settlement of investor’s claims if any will be initiated in line with the relevant Regulations. However, the investors in their own interest are advised to file their claims against the member at the office of the Exchange as soon as the decision to expel is announced.
