KARACHI: The Resource Group International Limited (TRG International) has filed a suit before the Sindh High Court against JS Bank Limited and others.
According to the information shared with the Pakistan Stock Exchange (PSX, The Resource Group International Limited (TRG International) has filed Suit no. 19 of 2023 before the Sindh High Court at 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.
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.
The Honourable High Court of Sindh was pleased to pass 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.