TRG Pakistan Limited has filed a lawsuit against companies/parties for unlawfully acquiring shareholdings in excess of 30 percent in the company.
The company has filed Suit no. 1589 of 2022 before the Sindh High Court at Karachi against various companies belonging to the JS Group, Muhammad Ziaullah Khan Chishti and his spouse, and various other companies and individuals whom the Company believes are acting in concert, according to a stock filing.
Top management of the company has determined that these parties have violated the provisions of the Securities Act, 2015 as they had acquired a shareholding in excess of 30 percent in the company without making a mandatory public offer in accordance with the relevant provisions of the Securities Act, 2015 and its related rules and regulations.
The Sindh High Court passed an interim order dated October 19, 2022, in the abovementioned proceedings, restraining the defendants from taking the benefit or acting in pursuance of the voting shares held by them in excess of 30 percent that they had acquired till the next date of hearing.
