Karachi April 29 2025: Islamabad and Lahore court judges dismiss petitions of Zia Chisti filed to restrained the Company in respect of its board elections while in other development arbitrator orders Chisti to pay US$ 9 million to TRGIL.
TRG Pakistan Limited (the “Company”) has received copies of certified orders regarding the adjudication of Writ Petitions 3383 and 3395 of 2025 filed in the Lahore High Court and 693 of 2025 filed in the Islamabad High Court by Mr. Zia Chishti. In both Writ Petitions, Mr. Chishti had sought to suspend ad-interim orders of the Civil Judge in Lahore and Islamabad dated December 2, 2024, December 10, 2024, and February 11, 2025, respectively, that restrained the Company in respect of its board elections.
On April 8, 2025 the Honorable Islamabad High Court judge was pleased to dismiss Writ Petition 693 of 2025 and on April 11, 2025, the Honorable Lahore High Court judge was pleased to dismiss Writ Petitions 3383 and 3395 of 2025.
However, Sindh High Court clearance is still pending for the company.
In a separate development, 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 in respect of the arbitration initiated by TRGIL against Mr. Chishti challenging the pledging by Mr. Chishti of Company shares owned by him. On January 27, 2025, the arbitrator had issued a partial final award which ruled, inter alia, that shares pledged by Mr. Chishti, primarily to JS Bank as security for a loan, were in breach of contractual obligations of Mr. Chishti.
On April 22, 2025, the arbitrator issued a final award that, in addition to the remedies contained in the partial final award dated January 27, 2025, ordered Mr. Chishti to pay TRGIL a sum of US$ 9.1 million.
