The Resource Group International Limited (TRG International) has initiated a legal battle against its former CEO Zia Chishti and his wife for the violation of rules and regulations of a binding agreement.
It also included commercial banks and brokerage firms in the case of facilitating the company’s former director and his wife for objectionable transactions.
According to a stock filing, TRG International has filed Suit No. 19 of 2023 before the Sindh High Court (SHC) in Karachi against JS Bank Limited, JS Global Capital Limited, Bank AL Habib Limited, DJM Securities Limited, Muhammad Ziaullah Khan Chishti (Zia Chishti), Sarah Jennifer Pobereskin (Zia Chishti’s wife) and others as TRG International believes that the lending arrangements entered into by Zia Chishti and Sarah Jennifer Pobereskin with JS Bank Limited, JS Global Capital Limited, Bank AL Habib Limited, and DJM Securities Limited are in violation of the Stock Purchase Agreement binding on Zia Chishti that places restrictions on any transfer or encumbrance on shares of TRG Pakistan directly or indirectly owned by him.
TRG International received a stay order from the SHC which will further resume its proceeding on the case in the next hearing.
The Sindh High Court passed an interim order on January 7, 2023, in the abovementioned proceedings, restraining JS Bank Limited (including its Bahrain Branch), JS Global Capital Limited, Bank AL Habib Limited, and DJM Securities Limited from creating any third-party interest in any manner whatsoever in relation to the Company’s securities pledged by Zia Chishti and Sarah Jennifer Pobereskin wither them, till the next date of hearing, the filing stated.
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