Latest news with #Chishti
Business Recorder
04-07-2025
- Business
- Business Recorder
Status-quo: Chishti suffers Supreme Court reversal in battle for TRG Pakistan control
In a reversal for former TRG Pakistan CEO Zia Chishti, the battle for the control of PSX-listed TRG Pakistan Limited has taken a new turn with status-quo ordered by the Supreme Court of Pakistan (SCP) on a recent ruling by the Sindh High Court (SHC) in favour of Chishti. The SHC had issued a ruling on June 20, 2025 abating a $53 million tender by the company's largest shareholder Greentree Holdings, as well as annulling Greentree's shareholding and ordering elections. Greentree subsequently appealed the ruling at the SCP, which has led to an interim order asking all parties to maintain status quo. US arbitrator orders Zia Chishti to pay $9.1mn to TRG International TRG Pakistan's share price reacted immediately to the posting of the order on the Supreme Court's website, jumping by 7% on hopes of a quick resumption of the tender, before reaching at a more modest gain of 1% as investors digested the news of a legal battle through the SCP. Chishti had resigned from the company in late 2021 upon disclosure in US Congressional testimony of an arbitration award against him for sexual misconduct. The company's current management has maintained that any association of Chishti with the company would be damaging to its assets and reputation. At the same time, the company's Bermuda based affiliate TRG International has sought to remit to Pakistani shareholders the proceeds of sales of its stakes in its portfolio companies by way of share purchases by Greentree Holdings. Zia Chishti, The Telegraph settle libel suit over reporting of ex-employee's 'grooming' allegations Chishti had successfully challenged Greentree's remittance of funds and purchase of shares in the SHC, which has now been appealed in the SCP. With Chishti's takeover efforts for TRG Pakistan now at least delayed by the Supreme Court appeal process, the impact on former TRG Pakistan CEO's financial liabilities is unclear as Chishti's path to accessing the significant liquidity at TRG International has narrowed. With significant creditor liabilities ranging from the US tax authorities to bank defaults to arbitration fee awards, Chishti is estimated to owe over $30 million to various parties.
Time of India
03-07-2025
- Climate
- Time of India
Part of Ajmer dargah ceiling collapses due to heavy rainfall; devotees outraged
AJMER: Heavy rainfall in the city Wednesday evening led to multiple structural collapses, including a portion of the historic Ajmer dargah's ceiling, exposing serious infrastructural concerns and triggering backlash against authorities. The city received over 54mm of rain, resulting in one death and multiple injuries. A man died when an SBI bank wall collapsed, burying him under debris, while two others were injured. The other wall collapse incident at the dargah, which occurred on the sixth day of Muharram, fortunately saw no casualties as the area was deserted due to the downpour. The dargah collapse has sparked widespread outrage among religious leaders and devotees. Syed Sarwar Chishti, Secretary of the Anjuman Syedzadgan Committee, blamed the dargah Committee's "institutional apathy" for the deteriorating condition of the centuries-old shrine. "Not a single audit of the structure was carried out ahead of the monsoon," Chishti said, noting that the committee, meant to comprise nine members, hasn't been constituted for three years. Dargah priest Syed Daniyal Chishti claimed that maintenance requests had been ignored for years, including repairs to leaking spiritual chambers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Switch to UnionBank Rewards Card UnionBank Credit Card Apply Now Undo The dargah committee's CEO, Bilal Khan, was unavailable for comment. This incident follows a 2020 collapse of a historic lightning tower at the shrine, highlighting a pattern of maintenance issues at the religious site. Religious leaders are now calling for management changes to ensure better preservation of the historic shrine and safety of devotees. The heavy rainfall severely disrupted city life, with widespread waterlogging causing vehicles to float in several areas. The SP office was flooded and multiple wall collapses were reported across the city, including at Bhagchand Ki Kothi and the Roadways bus stand. Former RTDC chairman Dharmendra Rathore criticised the municipal corporation's monsoon preparedness, pointing out that the city was underwater during the first significant rainfall. The situation at JLN Hospital was equally concerning, with leaking roofs and power outages affecting patient care.
Time of India
02-07-2025
- Climate
- Time of India
Part of Ajmer dargah ceiling collapses due to heavy rainfall
1 2 Ajmer: Heavy rainfall in the city Wednesday evening led to multiple structural collapses, including a portion of the historic Ajmer dargah's ceiling, exposing serious infrastructural concerns and triggering backlash against authorities. The city received over 54mm of rain, resulting in one death and multiple injuries. A man died when an SBI bank wall collapsed, burying him under debris, while two others were injured. The other wall collapse incident at the dargah, which occurred on the sixth day of Muharram, fortunately saw no casualties as the area was deserted due to the downpour. The dargah collapse has sparked widespread outrage among religious leaders and devotees. Syed Sarwar Chishti, Secretary of the Anjuman Syedzadgan Committee, blamed the dargah Committee's "institutional apathy" for the deteriorating condition of the centuries-old shrine. "Not a single audit of the structure was carried out ahead of the monsoon," Chishti said, noting that the committee, meant to comprise nine members, hasn't been constituted for three years. Dargah priest Syed Daniyal Chishti claimed that maintenance requests had been ignored for years, including repairs to leaking spiritual chambers. The dargah committee's CEO, Bilal Khan, was unavailable for comment. This incident follows a 2020 collapse of a historic lightning tower at the shrine, highlighting a pattern of maintenance issues at the religious site. Religious leaders are now calling for management changes to ensure better preservation of the historic shrine and safety of devotees. The heavy rainfall severely disrupted city life, with widespread waterlogging causing vehicles to float in several areas. The SP office was flooded and multiple wall collapses were reported across the city, including at Bhagchand Ki Kothi and the Roadways bus stand. Former RTDC chairman Dharmendra Rathore criticised the municipal corporation's monsoon preparedness, pointing out that the city was underwater during the first significant rainfall. The situation at JLN Hospital was equally concerning, with leaking roofs and power outages affecting patient care.
Time of India
02-07-2025
- Politics
- Time of India
On U'khand's kanwar corridor, food licence rule revives old fears
Haridwar: Days before the annual pilgrimage begins, a rule requiring all food vendors in Uttarakhand's kanwar corridor to display their licences and registration certificates — documents that include names and ownership details — has triggered panic among a set of shopkeepers. Muslim-owned eateries and stalls, some in business for decades, now find themselves hesitating. Not because the paperwork is new, but because its visibility might cost them their customers, and possibly their safety. "If our names are up there, why would the kanwariyas stop at our shops?" asked Farman, who runs a modest eatery in Jwalapur's Indira Basti. Around him, others nodded. They weren't contesting the law. Their worry was simpler: that in the charged atmosphere of a religious procession, identity could quickly become a liability. In Haridwar and nearby Roorkee, Muslim artisans have for years crafted the kanwars themselves, fastening cloth and sequins, sometimes adding miniature shrines. "Even those are being avoided now," said another resident, who asked not to be named. "So, they wear red vests, carry towels—anything to blend in." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How to Choose the Right Lender Lenders | Search Ads Undo It is not lost on anyone that the rule requiring licence display is an old one. Officials cite the Food Safety Act of 2006. "This is routine," said Haridwar DM Mayur Dikshit. "It has nothing specifically to do with the kanwar yatra. No one will be asked about their name or religion." On the ground, though, perception moves faster than policy. The vendors said the implications of the govt mandate are anything but routine. "There are around 50 to 60 artisans from Meerut who come here every year to make the palaki kanwar. People love it, they buy it. So why won't they buy food from us?" asked Ahsan Ansari, a local municipal councillor. The question sounded rhetorical, but behind it lay the assertion that commerce and faith have, for long, existed side by side in this city. Piran Kaliyar, a few kilometres from Roorkee, is one of the places where this tension is most palpable. The Ganga canal cuts through it, and along the left embankment, for a stretch of about three kilometres, local Muslims set up stalls during the yatra. They sell tea, fruits, and offer first-aid. In past years, the dargah of Alauddin Ali Ahmad Sabir, the 13th-century Chishti saint after whom the town is named, even hosted fruit stalls for pilgrims. Last year, there were nearly a hundred such setups. This year, hesitation has taken their place. Shah Ali Manjar Aijaz, the Sajjada Nasheen of the shrine, did not mince words. "The rule is good in principle," he said. "But the effect is that kanwariyas may avoid our stalls. Worse, if anything happens — some incident, a brawl —we could be blamed because our names are on display." He paused, then added, "It's a kind of exposure we didn't ask for." The atmosphere in Rishikesh, another key point on the yatra route, is less tense. The stretch from there to the Neelkanth Mahadev temple has no Muslim-run stalls. "We don't expect any issues here," said Lakshman Jhula SHO Santosh Paithwal. "Still, we're preparing as per the directive." Elsewhere, reactions have been polarised. Hindu Raksha Sena, a hardline outfit, hailed the order as a necessary step to protect "religious sanctity." A delegation thanked chief minister Pushkar Singh Dhami and handed over a memorandum to city magistrate Kusum Chauhan. Their concern was not about licences or business, but about faith, and how it should be "protected" during the yatra. But in places like Indira Basti and Piran Kaliyar, faith isn't the problem. The unease is quieter, the kind that rises when people feel seen not for what they do, but for who they are. A fruit vendor near the dargah, folding up his stall before dusk, said, "We've been serving them for years. Now we're afraid they'll walk past."
Business Recorder
23-06-2025
- Business
- Business Recorder
TRG takeover battle: Zia Chishti lands favourable SHC ruling amid mounting financial pressure
The saga over the battle for control of Pakistan Stock Exchange (PSX) listed technology leader, TRG Pakistan Limited, took a new twist with an order by the Sindh High Court on a company petition filed by the company's former CEO, Zia Chishti, challenging the tender announced in January 2025 by the company's largest shareholder, Bermuda based Greentree Holdings Limited. The tender was to remit up to $53 million to Pakistani shareholders of TRG Pakistan, and had been placed on hold pending the hearing of the petition. SHC restrains Zia Chishti, wife from transferring shares of TRG Pakistan: notice The judge ruled that the company violated Section 286 of the Companies Act relating to shareholder oppression and that such oppression took place with the purchase of shares of TRG Pakistan Limited by Greentree Holdings. The judge has ordered the abatement of the Greentree Holdings tender, the conversion of the shares held by Greentree Holdings into treasury shares of TRG Pakistan and the holding of Company elections. A successful completion of the tender would have accorded control of the company to Greentree Holdings, in addition to providing an exit to company shareholders. In a notice to the PSX issued today, the company has stated that the judge's order contains 'various irregularities and infirmities' and is 'assessing legal options, including challenging the decision by filing an appeal before the Honourable Supreme Court of Pakistan'. Market analysts believe that the company will appeal the ruling. Market observers expressed disappointment at the ruling of the Sindh High Court, as the tender provided shareholders an opportunity to lock in a near 40% premium to the current share price. The company's share price responded negatively to the news of the ruling, dropping 12% on the prospect of a lack of clarity on the company's future. Since late 2021, the company has been mired in a takeover battle between Chishti and his allies and the current management of TRG. Chishti resigned as CEO of the company following disclosure in US Congressional testimony of an arbitration award against him for sexual harassment and assault of an ex-employee, in which he had to pay the former employee over $5 million in damages. TRG's management has held that any association of Chishti with the company would be fatally damaging to the Company's assets given his reputation. Since his exit from the company, Chishti has filed several defamation suits relating to his sexual misconduct award. US arbitrator orders Zia Chishti to pay $9.1mn to TRG International In the United States, he sued the former employee for defamation but was dismissed by a US judge. In the United Kingdom, Chishti sued The Telegraph for carrying an article that he deemed defamatory, and settled with the newspaper in March 2025 with The Telegraph providing an apology. Meanwhile, in Pakistan, Chishti sued the board and management of TRG for defamation for referring to his arbitration award in court filings; those proceedings have been suspended by order of the Supreme Court. Chishti's court victory comes against the backdrop of severe creditor pressure on him. In January 2025, he lost an arbitration filed against him by TRG International for pledging his shares in TRG Pakistan for a loan extended to him by JS Bank, apparently for the purpose of building up his shareholding in the Company. In its notice today, TRG has informed that this arbitration award, which included a $9 million payment order against him, has been confirmed for collection by a United States Federal judge. In addition, in January 2025, Chishti defaulted on the above-mentioned Rs3 billion loan from JS Bank, which has attempted to seize his shares in the Company as collateral but has been prevented from doing so by several stay orders relating to the arbitration award enforcement. Chishti's financial woes are further complicated by the recent disclosure of a tax lien of $10 million placed on Chishti's assets by the United States Internal Revenue Service, for unpaid United States federal taxes. Industry observers have expressed dismay at the continuing upheaval within the country's leading technology player, especially since the tender was set to provide clarity to the future of the company. With the recent ruling, the battle seems likely to continue.
