New York court declines fresh injunction request, while earlier ruling in TRG Pakistan’s favor remains in force
KARACHI: TRG Pakistan Limited has informed the Pakistan Stock Exchange (PSX) that a United States court has refused its request for an injunction against former Chief Executive Officer Zia Chishti, though an earlier court ruling in the company’s favor continues to remain effective.
In a notice submitted to the PSX under Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the PSX Rule Book, the company said it had received an order dated July 1, 2026, from the United States District Court for the Southern District of New York.
According to the company, the court declined to grant the injunctive relief jointly sought by TRG Pakistan Limited and The Resource Group International Limited after the Temporary Restraining Order (TRO), originally issued on June 10, 2026, expired on July 1, 2026.
The requested injunction aimed to prevent legal proceedings initiated by Zia Chishti in Pakistan against TRG Pakistan and its affiliated entities.
However, the company clarified that the July 1 order relates only to its request for injunctive relief under the applicable legal standard and does not alter the court’s earlier decision issued on May 12, 2026.
According to TRG Pakistan, the May 12 ruling held that claims brought by Zia Chishti against the company and its affiliates concerning actions undertaken before January 10, 2022—the date of the Release Agreement—had been permanently released and could not be pursued in any jurisdiction worldwide.
The company further noted that the May ruling remains in force despite being challenged by Mr. Chishti before the United States Court of Appeals for the Second Circuit.
TRG Pakistan said it is currently reviewing its legal options following the latest decision, including the possibility of filing an appeal against the July 1 order before the Second Circuit.
The company did not disclose a timeline for any potential appeal or comment on how the latest court decision may affect the broader litigation involving the former chief executive.
The disclosure was made to keep shareholders and investors informed of material developments in accordance with Pakistan Stock Exchange regulations.