April 29, 2025 (MLN): TRG Pakistan Limited (PSX: TRG) has received certified copies of court orders regarding the adjudication of Writ Petitions 3383 and 3395 of 2025 filed in the Lahore High Court and Writ Petition 693 of 2025 filed in the Islamabad High Court by Mr. Zia Chishti.
In these petitions, Mr. Chishti sought suspension of ad-interim orders issued by Civil Judges in Lahore and Islamabad on December 2, 2024, December 10, 2024, and February 11, 2025, which restrained the Company with respect to its board elections.
On April 8, 2025, the Honorable Islamabad High Court dismissed Writ Petition 693 of 2025, and on April 11, 2025, the Honorable Lahore High Court dismissed Writ Petitions 3383 and 3395 of 2025, the company's filing on PSX revealed today.
Separately, the Company has been informed by its affiliate, The Resource Group International Limited (“TRGIL”), that a final award has been issued by a US arbitrator regarding arbitration proceedings initiated by TRGIL against Mr. Chishti concerning the pledging of Company shares owned by him.
A partial final award issued on January 27, 2025, had found that the shares pledged by Mr. Chishti, primarily to JS Bank as loan security, breached his contractual obligations.
On April 22, 2025, the arbitrator issued a final award ordering Mr. Chishti to pay TRGIL a sum of $9.1 million, in addition to the remedies outlined in the partial final award.
