KARACHI — TRG Pakistan Limited has announced that Jahangir Siddiqui & Company Limited has formally and unconditionally withdrawn a civil lawsuit (Suit No. 1898 of 2025), originally filed as Suit No. 1599 of 2022. The company disclosed the development in a notification to the Pakistan Stock Exchange (PSX) on Wednesday under Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of the PSX Rule Book.
According to the certified court order, issued by the Court of the Senior Civil Judge and received by TRG, the lawsuit has been terminated with no conditions attached. The company said the announcement was also submitted to the Securities and Exchange Commission of Pakistan (SECP) for regulatory oversight.
While the precise content of the withdrawn lawsuit has not been disclosed, the two companies have been locked in a contentious legal and corporate governance battle for over a year. Jahangir Siddiqui & Company, a major shareholder in TRG Pakistan, had previously pursued litigation concerning the management and control of the company, including board composition and governance practices.
TRG’s management has recently raised alarms over judicial orders from the Sindh and Islamabad High Courts that directed the holding of elections for TRG’s board of directors. In public filings and briefings, the company has criticized these rulings, citing “multiple irregularities and infirmities” in the Sindh High Court’s judgment, which notably stated that “the affairs of TRGP are being conducted in an unlawful and fraudulent manner.”
The Islamabad High Court’s order was also flagged by TRG for its “shortcomings and irregularities.” In response, the company, through Greentree Holdings (an affiliated entity), has approached the Supreme Court, which granted interim relief by ordering all parties to maintain status quo pending review. Although the top court did not suspend the High Court’s ruling, the directive has temporarily paused board elections and changes in shareholding status recorded by the Central Depository Company (CDC).
With the withdrawal of the Jahangir Siddiqui lawsuit, at least one strand of the protracted dispute appears to have reached resolution. However, the broader conflict over board control and corporate governance at TRG Pakistan remains under judicial consideration.
