TRG Pakistan Limited has received a legal relief after high courts in both Lahore and Islamabad dismissed three writ petitions filed by former CEO and shareholder Zia Chishti, who had sought to overturn court orders blocking board elections and other corporate decisions.
According to a regulatory filing on Tuesday, the Lahore High Court dismissed Writ Petitions 3383 and 3395 of 2025 on April 11, while the Islamabad High Court dismissed Writ Petition 693 of 2025 on April 8. The petitions contested interim injunctions issued by civil judges in Lahore and Islamabad on December 2, 2024, December 10, 2024, and February 11, 2025. These injunctions had restrained TRG Pakistan from proceeding with its board elections, amid an escalating governance dispute between Chishti and the company.
Chishti, who founded TRG and was removed from its board in 2022, has since attempted to regain influence over the company. His challenges have included litigation and repeated objections to shareholder meetings and director appointments. The ad-interim orders in question were part of a broader set of legal actions seeking to preserve the status quo while underlying shareholder disputes were heard in civil courts.
In a related development, TRG Pakistan’s affiliate, The Resource Group International Limited (TRGIL), has secured a final ruling from a U.S. arbitrator in its case against Chishti for pledging company shares in violation of shareholder agreements. The shares had been pledged primarily to JS Bank as security for a personal loan.
The final award, issued on April 22, 2025, orders Chishti to pay $9.1 million in damages. This follows an earlier partial award in January 2025, in which the arbitrator found that Chishti’s pledging of shares breached his contractual obligations. TRGIL had initiated arbitration after discovering the share pledge, which it argued could have compromised control and stability at the company.
Together, the court decisions and arbitration award represent a decisive legal victory for the current management of TRG Pakistan as it continues to fend off attempts by its former founder to reassert control through judicial forums.
