TRG: No More Bars on Holding AGM

July 10, 2025 (MLN): Through an exchange notice today, TRG Pakistan has informed the Members that Jahangir Siddiqui & Co. Ltd., the main shareholder leading the aggrieved shareholders against the Management, has unconditionally withdrawn Civil Suit No. 1898 of 2025.

The said lawsuit was filed to bar the Management from holding AGM of the Company.

Resultantly, the Management could not hold AGMs to have the Annual Audited Accounts approved by the general body for the last 3 years.

To recall, TRG enabled a related party, Greentree Holdings Limited, to acquire TRG shares by transferring TRG’s own resources to it. As per Sindh High Court’s ruling dated 26 June, 2025, such an act was unlawful under Companies Act 2017.

Resultantly, shareholding of Greentree Holdings Limited has been termed unlawful and deemed to have been treasury shares purchased by TRG itself. This ruling also stopped Greentree Holdings Limited from pursuing its tender offer for TRG shares, once again, with TRG’s own funds.

Greentree Holdings has filed an appeal against this ruling in the Supreme Court.

Interestingly, removal of the said Civil Suit has cleared all hurdles in the way of holding an AGM.

Now that the particular legal hurdle previously posed by JS has been removed, it is expected that the Management will proceed to hold an AGM. 

Investors have been keenly awaiting this step to gain greater clarity on the company’s strategic direction and governance matters.

In a hitherto long battle between aggrieved shareholders and the Management, this is yet another tit that is designed to ask for a tat from the Management.

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