15-07-2025
- Business
- Business Recorder
IHC suspends earlier order directing TRG Pakistan to hold elections
TRG Pakistan Limited (TRG) informed that the Islamabad High Court (IHC) has issued an interim order suspending its earlier judgment.
The development, announced by TRG in its notice to the Pakistan Stock Exchange (PSX) on Monday, stems from a writ petition filed by a shareholder holding 55,000 shares (0.01%) of TRG Pakistan against the Securities and Exchange Commission of Pakistan (SECP), TRG Pakistan, and others.
The petitioner sought a directive for the company to hold board elections.
In this respect, the IHC passed an order on June 30, 2025, directing the SECP to invoke its powers under Section 147 of the Companies Act, 2017 and call an Extraordinary General Meeting (EOGM) of TRG Pakistan to conduct elections per law.
At the time, TRG Pakistan stated that the 'order has several shortcomings and irregularities, and is in the process of filing an Intra-Court Appeal (ICA) in the Islamabad High Court'.
Subsequently, TRG Pakistan Limited on Monday confirmed that it has received a certified copy on July 12, 2025, of an order passed by the IHC related to an intra-court appeal filed against the ruling in Writ Petition No. 2337 of 2025.
'The Islamabad High Court has taken cognisance of the matter, issued notices and passed an interim order suspending the operation of the impugned judgement in Writ Petition No. 2337 of 2025 till the next date of hearing,' read the notice.
At the time of filing this story, TRG's share price was hovering at Rs57.95, a loss of Re0.12 or 0.21%.
Earlier this month, the Supreme Court of Pakistan ordered a status quo on a Sindh High Court (SHC) ruling in favour of former TRG Pakistan CEO Zia Chishti.
The SHC had issued a ruling on June 20, 2025, abating a $53 million tender by TRG Pakistan's largest shareholder, Greentree Holdings, as well as annulling Greentree's shareholding and ordering elections.
Greentree subsequently appealed the ruling at the apex court, which led to an interim order asking all parties to maintain the status quo.
