Islamabad, Feb 17: TRG Pakistan Limited’s (PSX: TRG) board elections have been postponed once again, with shareholders successfully obtaining stay orders from courts in Islamabad, Lahore, and Karachi to halt the election process.
The company issued a stock filing on Monday, revealing that a shareholder had filed a lawsuit before a Civil Judge in Islamabad. The suit seeks an injunction and restraining order against the company’s board elections. On February 11, 2025, the Islamabad court granted an ad-interim injunction, preventing the company from conducting the elections until the next hearing.
This follows similar legal action from two other shareholders in Lahore, where former CEO Zia Chishti has also entered the proceedings. Chishti successfully secured a stay from the Lahore High Court. Greentree Holdings Limited, TRG’s largest shareholder, has become actively involved in these cases and filed its own suit in the Sindh High Court in January 2025, requesting a delay of the board elections.
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On February 12, 2025, the Sindh High Court issued an ad-interim order barring Chishti and his spouse from selling or transferring their TRG Pakistan shares. This ruling follows a US arbitration case on January 27, 2025, in which it was determined that Chishti’s pledged shares, which served as collateral for a loan from JS Bank, violated contractual agreements.
Furthermore, on January 28, 2025, Chishti filed a motion in the US arbitration case, seeking to prevent Greentree Holdings Limited from proceeding with its tender offer and pushing for an expedited board election.
TRG Pakistan has confirmed that it will continue to address these matters through its legal counsel and will provide updates as appropriate. These ongoing developments highlight the complexity of the election process, with multiple legal challenges and a strategic battle over the company’s leadership and direction.
