TRG Saga: Court sends TRG back to SECP

A Karachi civil court has dismissed TRG Pakistan’s four-year-old case against the Securities and Exchange Commission of Pakistan (SECP), according to Mettis Global. The October 24 order removes the court challenge that had stood in the way of proceedings on the regulator’s show-cause notices.

The judge found that TRG had approached the civil court prematurely and should use the remedies available under the regulatory process, including a response to the notices and subsequent appeals. The ruling does not decide the allegations behind the notices, and TRG can appeal; Mettis Global said it had not seen a company disclosure on the order by publication time.

The dispute is part of a wider control contest involving TRG and JS Group. The source also reports that JS Bank acquired 14.92% of TRG through enforcement of security, while a separate TRG case against Jahangir Siddiqui & Co. was rejected.