The Supreme Court of Pakistan has dismissed appeals challenging a Sindh High Court ruling that cancelled a 30 percent stake held by Bermuda-based Greentree Holdings in TRG Pakistan, in a decision that could reshape the company’s ownership landscape and boardroom dynamics.
According to a notice issued to the Pakistan Stock Exchange, the apex court converted the petitions into appeals before dismissing them. Detailed reasons for the ruling are expected to be released later.
The appeals had been filed by Greentree Holdings Limited, The Resource Group International Limited, and TRG Pakistan Limited against the Sindh High Court’s 2025 decision. Following the ruling, shares of TRG Pakistan rose as much as 10 percent in intraday trading on Monday.
The case has drawn close attention because of TRG Pakistan’s global linkages, including indirect stakes connected to artificial intelligence firm Afiniti and Nasdaq-listed customer experience company IBEX.
Following the verdict, TRG founder Zia Chishti said he intends to contest for a seat on the company’s board and hopes to secure three to four positions.
Chishti stepped down from TRG-related roles in 2021 after a former Afiniti employee testified before the US Congress about arbitration findings linked to sexual harassment and assault allegations, which he has denied.
In a separate statement attached to the stock exchange notice, TRG International expressed deep concern over the implications of the court ruling. The company warned that any renewed association with Chishti could pose reputational, governance, commercial, and stakeholder risks for TRG-related entities.
It also said the cancellation of Greentree’s shares effectively wiped out an investment of around $90 million and could raise fresh concerns among foreign investors about corporate governance standards and legal protections in Pakistan.
TRG International added that multiple governance and structural safeguards remain in place, including a Bermuda court order earlier this year that placed Chishti’s shares into receivership.
The company maintained that TRG Pakistan holds only a non-controlling interest in TRG International and said it would continue to pursue legal and strategic options to protect its business interests and stakeholders.
