October 03, 2023 (MLN): In a noteworthy development, the Honorable High Court of Sindh (SHC) has issued an interim order, effectively restraining the implementation of the contentious requisition notice, TRG Pakistan Limited's filing on PSX revealed today.
This legal action stemmed from a lawsuit in which TRG Pakistan contended that the allegations put forth by Mr Muhammad Ziaullah Khan Chishti, the former CEO of TRG, are false, unsubstantiated, and defamatory in nature.
Mr Muhammad Ziaullah Khan Chishti attempted to requisition an extraordinary general meeting of TRG Pakistan with the agenda involving the removal of 9 out of 10 directors of the Company, as well as seeking amendments to the Articles of Association of the company.
It is reminded that Zia Chishti resigned as the CEO of the company (and all associated positions) following disclosure by an ex-employee in a United States Congressional testimony of an arbitration award against him for sexual harassment and assault1.
The company believes that any association with Zia Chishti would be highly damaging to the value of the company’s underlying assets, and is engaged in multiple lawsuits involving unlawful attempts by Zia Chishti to regain control of the company
The court's interim order marked a notable step in the ongoing legal proceedings, providing temporary relief as the lawsuit challenges Mr. Chishti's actions and their impact on TRG.
