In another twist to the TRG litigation saga, TRG Pakistan has reported that a court in New York has ruled that many of the claims asserted by Chishti in a key Sindh High Court case for shareholder oppression, and appealed at the Supreme Court of Pakistan, were in fact covered by a release agreement signed by Chishti in early 2022.
Judge Lewis Stanton issued a ruling earlier this week, in a case pending since early 2023, barring adjudication of several claims in an arbitration proceeding involving various TRG entities and Chishti, citing precedent that: “a valid release constitutes a complete bar to an action on a claim which is the subject of the release “.
The barred claims include an oppression claim by Chishti against TRG Pakistan, according to the TRG Pakistan release, which also noted that Chishti had filed a shareholder oppression petition before the Sindh High Court in 2025. This petition was ruled on in June 2025, with the High Court judge ordering the cancellation of shares of TRG Pakistan’s largest shareholder Greentree Holdings, a Bermuda corporation, strengthening the voting position of Chishti. TRG appealed this ruling in the Supreme Court of Pakistan, which reserved its decision in early February 2026, and then earlier this week, in a short order, dismissed the appeal subject to observations to be reflected in a detailed judgement to follow.
Legal experts have mentioned that the ruling presents an interesting situation: if many of the claims that Chishti brought forward in the Sindh High Court have been barred by a court of competent jurisdiction and could not have been adjudicated, then what does that imply for the ruling of the Sindh High Court on those claims? TRG Pakistan’s press release mentioned that it was evaluating its legal options.
With this development, this battle royale for control for TRG Pakistan does not appear to be over. The prize in this battle appears to be the group assets, that are located with offshore company TRG International, that is not controlled by TRG Pakistan. TRG’s management has repeatedly highlighted the risk to those assets from association with Chishti, who has a legal finding in the United States of sexual misconduct.
