US court restrains former TRG CEO Zia Chishti from pursuing released claims

TRG Pakistan Limited has informed the Pakistan Stock Exchange (PSX) that it has received an order from the United States District Court for the Southern District of New York (SDNY) restraining former chief executive officer Zia Chishti from pursuing litigation related to claims previously released under a 2022 agreement.

In a notice submitted to the PSX on Friday, the company said the order, issued on June 10, 2026, prevents Mr Chishti from pursuing legal action in any forum based on the "Released Claims" as defined in an SDNY ruling issued on May 12, 2026.

According to the company, the order will remain in force until July 2026. The court has directed further briefing from the parties and is expected to decide whether additional injunctive relief should be granted.

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TRG Pakistan stated that the latest order follows the SDNY's May 12 ruling, which held that claims brought by Mr Chishti against the company and its affiliates relating to actions undertaken before January 10, 2022, the date of the release agreement, had been permanently released and could not be litigated in any forum worldwide.

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The company noted that many of the released claims formed the basis of various legal proceedings initiated by Mr Chishti against TRG Pakistan and its affiliates, including a shareholder oppression petition pending before the Sindh High Court.

The notice further stated that the SDNY had previously issued a preliminary injunction preventing Mr Chishti from asserting claims filed in a US arbitration within Pakistani litigation and said the same reasoning applies in the current matter.

TRG Pakistan said it is reviewing its legal options in light of the latest court order.