The Supreme Court of Pakistan dismissed appeals filed by Greentree Holdings Limited, The Resource Group International Limited and The Resource Group Pakistan Limited against Muhammad Ziaullah Khan Chishti, while also imposing costs on the appellants. A three-member bench comprising Justice Naeem Akhter Afghan, Justice Muhammad Shafi Siddiqui and Justice Miangul Hassan Aurangzeb announced the short order after hearing detailed arguments from all contesting parties.
The ruling came in C.P.L.A. No.2543/2025, C.P.L.A. No.871-K/2025 and C.P.L.A. No.872-K/2025, which challenged the June 20, 2025 judgment of Sindh High Court Judge Justice Adnan Iqbal Chaudhry. Furthermore, the Supreme Court converted the petitions into appeals before dismissing them collectively, while directing the appellants to jointly and severally bear respondent No.1’s legal costs.
According to the short order announced in open court at Islamabad, the bench reserved judgment on February 3, 2026 after hearing arguments from senior counsels representing all parties. The written arguments were later submitted by February 13, 2026, after which the court finalized its decision and upheld the Sindh High Court ruling in full.
The decision immediately created a strong positive reaction in the stock market, where TRG-related shares surged nearly 15 percent within hours of the announcement. Investors viewed the judgment as a major development for transparency, accountability and investor confidence, particularly in matters concerning listed companies and corporate decision-making standards in Pakistan.
Moreover, legal and market observers considered the ruling an important step toward strengthening corporate governance practices across the country’s business sector. The judgment reinforced the principle that corporate disputes involving shareholder rights, management conduct and regulatory compliance must remain subject to judicial scrutiny and lawful accountability under Pakistan’s legal framework.
The case also attracted significant attention because of the high-profile parties involved and the broader implications for Pakistan’s corporate environment. By maintaining the Sindh High Court decision and dismissing all appeals with costs, the Supreme Court sent a clear message supporting stronger governance structures, institutional responsibility and greater confidence in corporate legal oversight.