TRG International files suit on violation of SPA

MG News | January 09, 2023 at 10:39 AM GMT+05:00

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January 09, 2023 (MLN): The Resource Group International Limited (TRG International) has filed Suit against JS Bank Limited, JS Global Capital Limited (JSGCL), Bank AL Habib Limited (BAHL), DJM Securities Limited, Muhammad Ziaullah Khan Chishti, Sarah Jennifer Pobereskin and others on violation of the Stock Purchase Agreement (SPA).

In a notice to PSX company shared, “TRG International believes that the lending arrangements entered into by Zia Chishti and Sarah Jennifer Pobereskin with JS Bank, JSGCL, BAHL, and DJM Securities Limited are in violation of the SPA binding on Zia Chishti.”

Therefore, the company places restrictions on any transfer or encumbrance on shares of TRG Pakistan directly or indirectly owned by him.

Further the Honorable High Court of Sindh was pleased to pass an interim order on January 07, 2023 in the above-mentioned proceedings, restraining JS Bank (including its Bahrain Branch), JSGCL, BAHL, and DJM Securities Limited.

For creating any third-party interest in any manner whatsoever in relation to the company’s securities pledged by Zia Chishti and Sarah Jennifer Pobereskin wither them, till the next date of hearing, the notification read.

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