Legal clouds clear as Jahangir Siddiqui drops suit against TRG Pakistan

July 10, 2025 (MLN): TRG Pakistan Ltd. has disclosed that Jahangir Siddiqui & Company Limited has unconditionally withdrawn Civil Suit No. 1898 of 2025, previously filed under Suit No. 1599 of 2022.

The development was formally communicated to the Pakistan Stock Exchange under Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of the PSX Rule Book.

The certified withdrawal order was issued by the Court of the Senior Civil Judge and received by TRG Pakistan, according to the company’s notice shared today.

This announcement may ease ongoing legal uncertainties between the two firms, although no details were provided regarding the reasons for the withdrawal.

The letter, signed by Company Secretary Zeeshan Ul Haq, was also forwarded to the Securities and Exchange Commission of Pakistan for surveillance and supervision purposes.

Lately, through a series of recent Exchange Notices, the Company’s Management expressed concerns about judicial orders from both the Sindh and Islamabad High Courts, which had directed elections for TRG’s board of directors.

The Management flagged the Islamabad High Court's order as having “several shortcomings and irregularities,” and previously described the Sindh High Court’s order as bearing “multiple irregularities and infirmities.”

The Sindh High Court had notably observed that “the affairs of TRGP are being conducted in an unlawful and fraudulent manner.”

Despite maintaining that the matter was sub judice during a Corporate Briefing Session, TRG's commentary on these judicial orders has been firm.

The Company has also approached the Supreme Court, which, in a related appeal filed by Greentree Holdings, instructed all parties to maintain status quo until it reviews the High Court ruling.

While the Supreme Court has not suspended the original verdict, this interim relief offers TRG’s Management temporary reprieve, delaying both the director elections and changes in shareholding status via the Central Depository Company (CDC).

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