High Court of Sindh Issues Stay Order on Requisition by Ziaullah Khan Chishti for Extraordinary General Meeting of TRG Pakistan Limited”

Karachi, In a significant legal development, the High Court of Sindh has issued a stay order in response to the requisition efforts made by Mr. Muhammad Ziaullah Khan Chishti, commonly known as Zia Chishti, to convene an extraordinary general meeting of TRG Pakistan Limited. The court’s decision comes as a response to allegations made by Zia Chishti and his attempts to remove nine out of ten directors from the company’s board, along with proposed amendments to the company’s Articles of Association.

The legal proceedings, identified as Suit no. 1603 of 2023, were filed before the Sindh High Court in Karachi, with the Company and others challenging what they consider to be false, unsubstantiated, and defamatory accusations published by Zia Chishti. They assert that his actions are part of a broader scheme to unlawfully gain control of the Company. The Honourable High Court of Sindh, on September 28, 2023, issued an interim order in the said proceedings, which prohibits any action to be taken on the contested requisition notice. A copy of this order has been provided for reference.

It is essential to note that Zia Chishti resigned from his position as the CEO of TRG Pakistan Limited, along with all associated roles, following a United States Congressional testimony by a former employee, which disclosed an arbitration award against him for allegations of sexual harassment and assault. The Company contends that any association with Zia Chishti would significantly harm the value of the Company’s underlying assets. TRG Pakistan Limited is currently embroiled in multiple legal battles aimed at thwarting Zia Chishti’s attempts to regain control of the Company.

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