Karachi: TRG Pakistan Limited is currently embroiled in a series of legal battles as multiple shareholder lawsuits challenge the company’s board elections and other legal matters. As of February 2025, these legal proceedings have seen significant developments across various courts in Pakistan and the United States.
On February 11, 2025, a Civil Judge in Islamabad issued an ad-interim order to halt the board elections of TRG Pakistan Limited. This order was in response to a suit filed by a shareholder seeking an injunction against the company. This lawsuit is one among several others initiated by shareholders in different jurisdictions.
Previously, two shareholders filed suits before a Senior Civil Judge in Lahore to stay the board elections. The company’s former CEO, Mr. Zia Chishti, has actively participated in these legal proceedings by filing an intervenor application and a writ petition. Mr. Chishti also managed to secure a stay order from the Lahore High Court regarding the dismissal of his appeal against the Lahore Senior Civil Judge’s ad-interim orders.
Greentree Holdings Limited, the largest shareholder of TRG Pakistan Limited, has also taken legal action. The company filed intervenor applications in both the Civil Court and the Lahore High Court proceedings and initiated a separate suit in the Sindh High Court in January 2025, seeking to postpone board elections. These cases are currently pending.
In another significant legal turn, the Honourable High Court of Sindh, on February 12, 2025, issued an ad-interim order favoring TRG Pakistan Limited and its associate, The Resource Group International Limited (TRGI). This order restrains Mr. Zia Chishti and Ms. Sarah Pobereskin from transferring or selling their shares in the company. This decision is linked to a U.S. arbitration award dated January 27, 2025, which found that Mr. Chishti’s pledging of shares to JS Bank violated his contractual obligations.
Additionally, on January 28, 2025, Mr. Chishti sought a preliminary injunction in a U.S. arbitration against Greentree Holdings Limited”s tender offer, while simultaneously pushing for an accelerated election of the company”s board.
According to information available from the Pakistan Stock Exchange (PSX), TRG Pakistan Limited intends to defend itself in each of these legal matters through its counsel and will provide updates as necessary.
These legal challenges highlight the intricate and multifaceted issues facing TRG Pakistan Limited as it navigates the complexities of shareholder disputes and corporate governance in both domestic and international arenas. The outcomes of these proceedings could have significant implications for the company”s future governance and shareholder relations.