October 25, 2022 (MLN): TRG Pakistan Limited (PSX: TRG) has filed suit before the Sindh High Court against various companies/persons for violating the provisions of the Securities Act, 2015, as they had acquired a shareholding in excess of 30% in the Company without making a mandatory public offer, the company filing on PSX showed today.
“TRG Pakistan has filed Suit no. 1589 of 2022 before the Sindh High Court at Karachi against various companies belonging to the JS Group, Mr. Muhammad Ziaullah Khan Chishti and his spouse, and various other companies and individuals whom the company believes are acting in concert,” the notification issued to bourse read.
The company believes that these parties have violated the provisions of the Securities Act, 2015, as they had acquired a shareholding in excess of 30% in the company without making a mandatory public offer in accordance with the relevant provisions of the Securities Act, 2015 and its related rules and regulations, it added.
"The Honourable High Court of Sindh was pleased to pass an interim order dated October 19, 2022, in the abovementioned proceedings, restraining the defendants from taking the benefit or acting in pursuance of the voting shares held by them in excess of 30% that they had acquired till the next date of hearing", it said.
