Karachi: TRG Pakistan Limited is navigating a complex legal landscape following recent rulings from both the Sindh High Court and a U.S. district court. On March 22, 2025, the former CEO of the company, Mr. Ziaullah Khan Chishti, filed a petition in the Sindh High Court challenging a tender offer announced by Greentree Holdings Limited, the largest shareholder of TRG Pakistan Limited. The Honourable Judge ruled in favor of Mr. Chishti, citing violations of shareholder rights under Section 286 of the Companies Act 2017. The court ordered the abatement of Greentree's tender offer and mandated that the shares owned by Greentree be held as treasury shares, while also directing the company to proceed with its Board elections.
In response, TRG Pakistan Limited expressed concerns over the ruling, highlighting perceived irregularities and infirmities. The company is currently exploring legal options, including the possibility of appealing to the Supreme Court of Pakistan. Meanwhile, the company has also been addressing a public relations challenge, as Mr. Chishti has reportedly engaged in an aggressive campaign that the company claims is misleading and defamatory. TRG Pakistan Limited advises its shareholders to rely on official court documents and company communications rather than external media narratives.
According to information available from the Pakistan Stock Exchange (PSX), these developments are closely monitored by market participants given their potential impact on TRG Pakistan Limited's operations and shareholder value. In a separate but related matter, the company was informed by its associated entity, The Resource Group International Limited (TRGI), about a U.S. Federal Court decision. On June 20, 2025, the United States District Court for the Southern District of New York confirmed an arbitration award favoring TRGI against Mr. Chishti. The judgment found Mr. Chishti in violation of his contractual obligations, which included pledging shares primarily to JS Bank, and ordered him to pay TRGI US$9.1 million.
These legal developments come at a crucial time for TRG Pakistan Limited as it seeks to stabilize its corporate governance and shareholder relations. The company continues to update its stakeholders on the evolving situation through official channels as it evaluates its legal and strategic options moving forward.