TRG Pakistan plans Supreme Court appeal over SHC ruling

June 23, 2025 (MLN): Citing multiple irregularities and infirmities, TRG Pakistan Limited (PSX: TRG) is planning to seek relief from the Supreme Court of Pakistan after the Sindh High Court found its largest shareholder’s January 2025 tender offer in breach of Section 286 of the Companies Act 2017.

"The Company believes that the ruling of the Honourable High Court Judge has multiple irregularities and infirmities, and is assessing its legal options, including challenging the decision by filing an appeal before the Honourable Supreme Court of Pakistan," the Company's filing on PSX reads.

The petition was filed by former CEO Mr. Ziaullah Khan Chishti on March 22, 2025, challenging the tender offer by Greentree Holdings Limited.

The Court allowed the petition, ordered the $53 million offer to be abated, declared Greentree’s shares as treasury shares, and directed TRG Pakistan to conduct Board elections.

TRG Pakistan further highlighted what it described as an aggressive and misleading PR campaign by Mr. Chishti and urged shareholders to rely only on official Company disclosures.

In a related development, the Company’s associated entity, The Resource Group International Limited (TRGI), reported that a U.S. Federal Judge in the Southern District of New York confirmed an arbitration award against Mr. Chishti.

The award found him in breach of contractual obligations, dismissed his counterclaims, granted injunctive relief to TRGI, and ordered him to pay $9.1m in damages.

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