TRG in Supreme Court

July 04, 2025 (MLN): Through an Exchange Notice today, TRG Pakistan has informed the Members that the Management believes that the Order, passed by Islamabad High Court to conduct Election of Directors, “has several shortcomings and irregularities.”

In an earlier Notice dated June 23, 2025, the Management informed the Members that the Order passed by Sindh High Court to, inter alia, conduct Election of Directors had “multiple irregularities and infirmities”.

To recall, the Sindh High Court judgement maintained that “the affairs of TRGP are being conducted in an unlawful and fraudulent manner”.

Interestingly, during a recently held Corporate Briefing Session post issuance of Sindh High Court Order, the Management of the Company maintained that the matter was sub judice and that it could not comment on any aspect of it.

Perhaps characterizing High Court orders irregular, infirm, and having several shortcomings, while one has filed an appeal in the Supreme Court against them as well, does not destroy the decorum of being sub judice. 

Anyhow, later today, the Company issued another notice informing the Members that in relation to an appeal filed by Greentree Holdings against the Sindh High Court ruling, the Supreme Court “has taken cognizance of the matter” and ordered that till the Supreme Court considers the ruling of the Sindh High Court, “the parties shall maintain status quo.”

The Supreme Court’s order has not suspended the Sindh High Court’s verdict.

It is also unlikely that Supreme Court shall find Sindh High Court’s order having “multiple irregularities and infirmities” either.

In the conventional sense, the stay order effectively grants the Management leeway to not hold Election of Directors for a period of time and stops CDC from changing the status of TRG shares held by Greentree Holdings Limited.

Regardless of the outcome, this battle between the Management and certain shareholders of TRG has arrived at a defining juncture. 

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