TRG Pakistan Sues Companies/Parties for Unlawful Acquisition
TRG Pakistan Limited has filed a lawsuit towards organizations/events for unlawfully obtaining shareholdings in extra of 30 percentage withinside the business enterprise.
The business enterprise has filed Suit no. 1589 of 2022 earlier than the Sindh High Court at Karachi towards diverse organizations belonging to the JS Group, Muhammad Ziaullah Khan Chishti and his spouse, and diverse different organizations and people whom the Company believes are performing in concert, consistent with a inventory filing.
Top control of the business enterprise has decided that those events have violated the provisions of the Securities Act, 2015 as that they'd received a shareholding in extra of 30 percentage withinside the business enterprise with out creating a obligatory public provide according with the applicable provisions of the Securities Act, 2015 and its associated regulations and regulations.
The Sindh High Court exceeded an meantime order dated October 19, 2022, withinside the abovementioned proceedings, restraining the defendants from taking the gain or performing in pursuance of the balloting stocks held through them in extra of 30 percentage that that they'd received until the subsequent date of hearing
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