TRG Pakistan Limited (PSX: TRG) has informed the Pakistan Stock Exchange that a United States federal court has issued a fresh order restraining the company’s former chief executive officer, Zia Chishti, from pursuing certain litigation claims against the company and its affiliates while the court considers whether broader injunctive relief should be granted.
According to the disclosure, the United States District Court for the Southern District of New York issued an order on June 10, 2026, preventing Chishti from pursuing litigation in any forum based on claims covered by an earlier ruling issued on May 12, 2026. The latest order will remain in effect until July 1, 2026, with the court seeking additional submissions from the parties before deciding whether further restrictions are warranted.
The development is the latest chapter in a complex corporate and legal dispute that has engulfed TRG Pakistan, its affiliates, and the company’s co-founder for several years. In its May 12 ruling, the New York court held that claims relating to actions taken before January 10, 2022 were covered by a release agreement executed in 2022 and therefore could not be pursued in any court or tribunal worldwide. TRG previously disclosed that the agreement was signed following a transaction in which Chishti received more than US$60 million from TRG International.
TRG said many of the claims covered by the release agreement formed the basis of litigation initiated by Chishti in multiple jurisdictions, including a shareholder oppression petition currently before the Sindh High Court. The company noted that the New York court had previously issued interim restrictions related to claims being pursued simultaneously in US arbitration and Pakistani proceedings.
The latest court order arrives amid a broader power struggle surrounding TRG Pakistan’s ownership and governance. Over the past year, the company has been at the center of several high profile legal proceedings involving shareholdings, board control, takeover allegations, arbitration awards, and competing court rulings in Pakistan, the United States, and Bermuda.
The dispute has intensified in recent months. Pakistan’s Supreme Court recently dismissed appeals related to the cancellation of Greentree Holdings’ stake in TRG Pakistan, while separate proceedings involving pledged shares led to a significant reduction in Chishti’s direct ownership stake after enforcement action by JS Bank.
TRG Pakistan said it is currently reviewing its legal options in light of the latest New York court order. Investors are likely to continue monitoring developments closely, as the outcome of the various legal battles could have significant implications for the company’s ownership structure, governance, and future direction.
This is the newest development in a corporate dispute that has stretched across Pakistan, the United States, Bermuda, and multiple arbitration forums over the past several years. The conflict traces its roots to the fallout following the 2021 departure of TRG co founder Zia Chishti from TRG affiliated entities, including Afiniti, after allegations of misconduct surfaced in the United States. Chishti has consistently denied wrongdoing.
The dispute centers on board control, shareholder rights, ownership of strategic assets including Bermuda based TRG International, the primary holding vehicle through which TRG Pakistan owns interests in companies such as Afiniti and Nasdaq listed IBEX, takeover related allegations, and the validity of a 2022 release agreement under which Chishti received more than US$60 million. The conflict has spawned multiple court cases, arbitration proceedings, and regulatory disputes, including shareholder oppression claims in Pakistan, litigation over Greentree Holdings’ stake in TRG Pakistan, and recent rulings by both Pakistan’s Supreme Court and a New York federal court
