Islamabad, Mar 3, 2025: TRG Pakistan Limited (PSX: TRG) disclosed on Monday that a U.S. arbitrator has turned down former CEO Zia Chishti’s plea for a temporary injunction.
Chishti sought to block Greentree Holdings Limited (GHL) from proceeding with its tender offer and to fast-track board elections.
According to the company’s stock exchange filing, the decision was issued on February 28, 2025, marking the second rejection of Chishti’s efforts to limit GHL’s voting power in board matters.
His first request for a similar restriction was filed on November 29, 2024, during an arbitration case but was dismissed on December 9, 2024.
This latest ruling strengthens GHL’s position, allowing it to continue its plans without obstruction from Chishti’s legal maneuvers.
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Additionally, in a separate arbitration concerning TRG Pakistan’s affiliated entity, The Resource Group International Limited (TRGIL), Chishti was found guilty of violating a share purchase contract.
He had engaged in unauthorized share pledges and sales, breaching the agreement’s terms.
A partial final ruling issued in late January 2025 mandated him to comply with the contractual conditions and compensate TRGIL for reasonable legal expenses and arbitration-related costs.
TRG Pakistan has not released any additional statements regarding the arbitration outcomes but reaffirmed its commitment to corporate governance and strategic business priorities, according to the stock exchange notice.
