US Court Declines TRG Request for Injunction

TRG Pakistan Limited has informed the Pakistan Stock Exchange (PSX) that a United States federal court has declined to grant an injunction sought by the company against its former Chief Executive Officer, Zia Chishti, in the latest development in a long-running legal dispute between the two sides.

In a notice to the PSX, the company said the United States District Court for the Southern District of New York (SDNY) issued an order on July 1, 2026, refusing the injunction requested by TRG Pakistan and The Resource Group International Limited (TRGI).

According to the company, the requested injunction sought to stop certain litigation initiated by Chishti in Pakistan against TRG Pakistan and its affiliates. The temporary restraining order previously granted by the court on June 10, 2026, expired on July 1 and was not extended.

The company said the court’s latest order was limited to the legal standard for granting injunctive relief and did not alter an earlier May 12, 2026 ruling, which held that claims by Chishti relating to actions taken before the January 10, 2022 Release Agreement had been permanently released and could not be pursued in any forum worldwide.

The company noted that the May ruling remains in effect and has already been appealed by Chishti before the Second Circuit Court of Appeals in New York.

TRG Pakistan added that it is reviewing its legal options, including filing its own appeal against the latest order before the Second Circuit.

The dispute is part of a legal battle over the control and governance of TRG Pakistan that has intensified over the past year. In May 2026, Pakistan’s Supreme Court dismissed appeals challenging an earlier Sindh High Court ruling, clearing the way for Zia Chishti to regain significant voting influence in TRG Pakistan.

The decision marked a major shift in the company’s ownership dynamics and reignited concerns over future board control and corporate governance.

Chishti co-founded TRG Pakistan in 2003 and resigned from the company and its affiliated entities in 2021 because of a sexual misconduct scandal.

Since then, multiple legal proceedings involving TRG Pakistan, TRGI, Greentree Holdings, and Chishti have been underway in courts in Pakistan, Bermuda, and the United States over corporate governance, shareholder rights, and control of the company.