Islamabad March 19 2025: Islamabad High Court dismisses writ petition submit by Sign Source and Abdi Hussain to stop Greentree holding from buying shares of TRGP from public.
“Writ Petition has been dismissed on the point of maintainability, hence, the instant application for vacation of stay has become infructuous and is also dismissed accordingly” states court orders.
“This Court is of the opinion that the present Writ Petition is not maintainable against private juristic persons. The primary dispute is between the shareholders of a company, which falls exclusively under the jurisdiction of the Companies Act. Accordingly, the instant writ petition is dismissed as being not maintainable” the order stated.
Through the instant Writ Petition, the Petitioners, Sign Source Limited and Abid Hussain, seek directions (i) to the Securities & Exchange Commission of Pakistan and Competition Commission of Pakistan to ensure that the funds sent to the Greentree Holdings Limited by TRGP and TRGI are not used to finance, directly or indirectly, the purchase of shares by the Greentree pursuant to the Public Announcement of Offer dated 15th January, 2025; (ii) to restrain the Greentree from acquiring any shares in furtherance of the Public Announcement of Offer dated 15.1.2025; and (iii) to restrain the TRG Pakistan Limited (“TRGP”) from giving effect any acquisition made under the Public Announcement of Offer.
The Petitioners further seek declaration to the effect that the Public Offer made by the Greentree is unlawful and liable to be recalled.
Greentree offered to purchase shares at a price of PKR 75, which represents a premium to the current market price.
