The Supreme Court of Pakistan, in a hearing concerning shareholder disputes at PSX-listed TRG Pakistan, has ordered the consolidation of the case with an ongoing appeal involving former CEO Zia Chishti’s defamation proceedings. The decision was made by a three-member bench led by Justice Hassan Azhar Rizvi, with Justices Nadeem Akhtar Afghan and Miangul Hassan Aurangzeb also present.
Justice Afghan raised concerns about Chishti, questioning whether he was the same individual previously found liable for sexual misconduct in the United States and who had left TRG as a result. He further noted that Chishti had initiated defamation proceedings against non-resident directors of the company, which involved summonses from Sindh lower courts.
The bench, after confirming that the individual in both cases was indeed Chishti, ordered the consolidation of the shareholder dispute with the defamation case, which they believe will help determine the mala fide intent behind Chishti’s actions.
Justice Aurangzeb requested further details regarding the shareholding structure of the legal entities involved, particularly with respect to the impact of a recent arbitration case Chishti lost in the United States, where he was ordered to pay $9.1 million.
The shareholder dispute arose from a Sindh High Court ruling in June 2025 that had canceled the shares of TRG’s largest shareholder, Bermuda-based Greentree Holdings (GTH), preventing them from completing a $55 million tender and ordering immediate elections. The Supreme Court had earlier issued a status quo order in June when GTH filed an appeal.
The defamation proceedings, involving Chishti and the Jahangir Siddiqui Group, were suspended by the Sindh High Court in 2023 but were later remanded to lower courts. The TRG directors had appealed the case to the Supreme Court, which suspended the proceedings in early 2025.
The hearing has been adjourned for three weeks.
