Islamabad, Mar 25, 2025: TRG Saga Continues, The Final Chapter Yet to Unfold. The ongoing dispute over TRG Pakistan has taken a new turn as Zia Chishti.
The company’s founder, has secured a stay order from the Sindh High Court against the proposed acquisition by Greentree Holdings Limited.
At the heart of the legal battle is the argument that the funds being used for the takeover belong to TRG Pakistan itself.
TRG Saga Continues, The claim asserts that the money is being funneled through Greentree Holdings Limited a wholly owned subsidiary of TRG International Limited.
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Which holds a 68.8% stake in TRG Pakistan to purchase its own shares. This practice, according to Section 86(2) of the Companies Act, is strictly prohibited, regardless of how it is structured.
Adding to the complexity, the board of directors of TRG Pakistan has already completed its term, raising further questions about the legitimacy of approvals granted for such public offers.
Despite multiple legal challenges, neither the Securities and Exchange Commission of Pakistan (SECP) nor the courts have ruled on whether the claim is admissible.
Key concerns remain unresolved: Does the money used by Greentree Holdings Limited actually belong to TRG Pakistan?
The case has evolved into a modern-day corporate money-trail puzzle, leaving stakeholders waiting for clarity.
While courts have primarily focused on whether the stay order is legally maintainable, the SECP Pakistan’s regulatory authority responsible for ensuring compliance with corporate laws has yet to take a decisive stance on the matter.
The absence of regulatory intervention has fueled uncertainty, with TRG Pakistan caught in an ongoing power struggle between management and shareholders.
What was once a thriving technology firm now finds itself at the center of legal and financial turmoil, with its future hanging in the balance.
As the battle rages on, the industry watches closely, awaiting a resolution that could set a precedent for corporate governance and regulatory oversight in Pakistan.
