TRG: No More Bars on Holding AGM
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MG News | July 10, 2025 at 03:17 PM GMT+05:00
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has unconditionally withdrawn Civil Suit No. 1898 of 2025.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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