karachi: In a detailed response issued on June 16, 2026, Tri-Star Power Limited (TSPL) has alleged that various individuals and entities are engaged in illegal activities aimed at manipulating the company's share price. According to TSPL, these actions violate multiple Pakistani laws, including the Companies Act, 2017 and the Securities Act, 2015.

TSPL reported that companies such as Crescent Star Insurance Ltd., Weavers Pakistan (Pvt) Ltd., Bawany Air Products Ltd., and KIV Enterprises (Pvt) Ltd. have issued disclosures under Section 110(1) of the Securities Act, 2015, in an attempt to acquire shares in TSPL. The company claims these disclosures are part of a broader strategy to illegally take over the company.

The company has expressed concern over what it perceives as a coordinated effort by a group of individuals to disrupt TSPL’s operations. This group allegedly uses tactics such as cross trades and unwarranted disclosures to artificially manipulate stock prices and erode stakeholder confidence.

According to information available from the Pakistan Stock Exchange (PSX), the individuals involved have engaged in practices such as pumping and dumping of shares, acting in concert without proper disclosures, and member-to-member financing. These actions are purportedly designed to inflate the company's share price artificially and facilitate a hostile takeover.

TSPL also accused the involved parties of employing margin pricing strategies and speculative trading to destabilize the stock price. Such actions reportedly violate market conduct regulations and aim to create panic among investors, encouraging them to sell their shares under duress.

The company has called on the PSX to take immediate action to halt these illegal activities. TSPL reserves the right to pursue legal measures to safeguard its interests and those of its shareholders. The designated market category for these shares is yet to be specified.