Business
FM Sitharaman Holds First Pre-Union Budget Consultations With Leading Economists
New Delhi: Finance Minister Nirmala Sitharaman on Monday held first pre-budget consultations with leading economists ahead of the upcoming Union Budget 2026-27.
The meeting was attended by Chief Economic Adviser (CEA) V. Anantha Nageswaran, besides other economists and senior officers from the Department of Economic Affairs (DEA).
“Union Minister for Finance and Corporate Affairs @nsitharaman chairs the first Pre-Budget Consultation with leading economists in connection with the upcoming Union Budget 2026-27, in New Delhi, today,” said an X post from Ministry of Finance.
“The meeting was also attended by Secretary, Department of Economic Affairs (DEA) @FinMinIndia; and Chief Economic Adviser, Government of India, besides senior officers from the DEA,” the ministry added.
As part of the ongoing pre-budget consultations, the government has been holding a series of meetings with industry representatives to gather inputs for the upcoming Union Budget.
The discussions are centred on enhancing the ease of doing business and extending tax benefits to the last mile.
Late last month, senior officials from the PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday met Revenue Secretary Arvind Srivastava to present the industry’s recommendations on direct and indirect tax policies.
PHDCCI CEO and Secretary General, Dr Ranjit Mehta, said the discussions focused on both taxation and business facilitation. “We also discussed ease of doing business, which is the government’s focus,” he noted, adding that the Chamber had shared specific suggestions to ease liquidity challenges faced by micro, small, and medium enterprises (MSMEs).
Meanwhile, the Confederation of Indian Industry (CII) has called for comprehensive tax reforms in the Union Budget 2026-27, including expedition of dispute resolution, simplification of TDS regime and digitised customs systems.
The apex industry body emphasised the need to move towards a “compliance system rooted in trust, simplicity, and technology,” and accountable for administrative delays.
CII Director-General Chandrajit Banerjee said that India’s tax system needs to shift from being dispute-driven to dispute-preventive. “The tax system must ensure that taxation not only raises revenue efficiently but also acts as a catalyst for investment, innovation and competitiveness. The Budget can be a pivot for a truly modern, transparent and globally benchmarked tax regime,” Banerjee said.
The government is expected to continue engaging with various industry bodies in the coming weeks before finalising its proposals for the Union Budget.
Business
Insolvency ruling: CoC cannot alter approved resolution plan or reallocate dissenting creditors’ funds, says NCLAT – The Times of India
The insolvency appellate tribunal NCLAT has ruled that the Committee of Creditors (CoC) cannot modify an approved resolution plan to reallocate funds meant for dissenting financial creditors, reaffirming limits on the exercise of commercial wisdom after a plan has been cleared, PTI reported.Dismissing an appeal filed by Bank of Baroda in the insolvency proceedings of Reliance Communications Infrastructure Ltd (RCIL), a two-member bench of the National Company Law Appellate Tribunal said that once a resolution plan is approved, the assenting members of the CoC cannot alter its financial distribution framework.“It is true that the CoC with commercial wisdom can take a decision regarding different aspects of the plan, including manner of distribution, but once the commercial wisdom has been exercised by approving the resolution plan in meeting, the modification of the said distribution mechanism, which is impermissible, cannot be saved in the name of commercial wisdom of the CoC,” NCLAT said in its order.The appeal arose from the insolvency resolution of RCIL, where the National Company Law Tribunal (NCLT) had approved the resolution plan submitted by Reliance Projects & Property Management Services Ltd (RPPMSL), a subsidiary of Jio. The plan was approved by 67.97 per cent of the CoC by vote share on August 5, 2021.While Bank of Baroda voted in favour of the plan, lenders including IDBI Bank and State Bank of India dissented. The plan was subsequently placed before the Mumbai bench of the NCLT for approval.Bank of Baroda later approached the NCLT seeking directions to convene a CoC meeting to consider reallocation of proceeds under the approved resolution plan, particularly in relation to a loan to Reliance Bhutan. Acting on this, the NCLT on October 17, 2023 directed the resolution professional to convene a CoC meeting.At the meeting held on October 27, 2023, a resolution proposing reallocation and reassignment of the Reliance Bhutan loan was passed with a 67.55 per cent majority, though IDBI Bank and SBI objected to the move.On December 19, the NCLT approved the resolution plan as originally proposed by RPPMSL. IDBI Bank subsequently challenged the October 27, 2023 CoC decision, arguing that the reallocation of proceeds violated the approved resolution plan.The NCLT held that the CoC could not alter the financial layout relating to the entitlement of financial creditors once the resolution plan had been approved. It also noted that the Reliance Bhutan loan, which was to be assigned to assenting financial creditors under the plan, could not be reassigned to dissenting lenders through a subsequent CoC decision.In its October 10, 2025 order, the NCLT ruled that the approved resolution plan could not be modified in this manner. Bank of Baroda challenged this decision before the NCLAT.Upholding the NCLT’s view, the appellate tribunal said, “The Adjudicating Authority in the impugned order after considering all relevant clauses has rightly come to the conclusion that the decision of the CoC dated 27.10.2023 is contrary to the approved resolution plan and cannot bind the dissenting financial creditors.”“We are in full agreement with the view taken by the adjudicating authority as noted above. The adjudicating authority did not commit any error in allowing the plea filed by the IDBI Bank. We do not find any good ground to interfere with the decision of the adjudicating authority,” NCLAT added, dismissing the appeal.
Business
Apollo Techno Industries IPO Last Day: Issue Receives 50.63x Subscription; GMP Rises To 9.23%
Last Updated:
Unlisted shares of Apollo Techno Industries are trading at Rs 136 apiece in the grey market, which is 4.6% premium over the issue price of Rs 130, indicating weak listing.
Apollo Techno Industries IPO.
Apollo Techno Industries IPO GMP: The initial public offering (IPO) of Apollo Techno Industries Ltd (ATIL) has been closed today, Friday, December 26. The price band of the Rs 47.96-crore IPO has been fixed in the range of Rs 123 and Rs 130. On the final day of bidding on Friday, the IPO received a total of 50.63x times subscription, garnering bids for 12,42,53,000 shares as against 24,54,000 shares on offer.
Its retail category got a 44.81x subscription, while its non-institutional investor (NII) quota got a 98x subscription. Its qualified institutional buyer (QIB) category has received a 25.26x subscription.
ATIL is a manufacturer specialising in trenchless technology and foundation equipment for the construction industry
Apollo Techno Industries IPO GMP Today
According to market observers, unlisted shares of Apollo Techno Industries Ltd are currently trading at Rs 142 apiece in the grey market, which is a 9.23 per cent premium over the issue price of Rs 130. It indicates a weak listing. Its listing will take place on December 31, Wednesday.
The GMP had stood at 4.62 per cent in the morning.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Apollo Techno Industries IPO: More Details
The Apollo Techno Industries Limited IPO is a book-built issue worth ₹47.96 crore, comprising only a fresh issue of 0.37 crore equity shares. There is no offer-for-sale component in the issue.
The IPO opened for subscription on December 23, 2025, and will close on December 26, 2025. The basis of allotment is expected to be finalised on December 29, 2025, while the shares are scheduled to list on the BSE SME platform on December 31, 2025, subject to approvals.
The price band for the issue has been fixed at Rs 123 to Rs 130 per share. The lot size is 1,000 shares. Retail investors are required to apply for a minimum of 2 lots (2,000 shares), translating into an investment of Rs 2.60 lakh at the upper end of the price band. For HNIs, the minimum application size is 3 lots (3,000 shares), amounting to Rs 3.90 lakh.
Beeline Capital Advisors Pvt Ltd is the book running lead manager to the issue, while MUFG Intime India Pvt Ltd is acting as the registrar. The market-making duties will be handled by Spread X Securities Pvt Ltd.
Apollo Techno Industries reported strong financial growth in FY25. The company’s revenue rose 44 percent, while profit after tax (PAT) surged 327 percent for the year ended March 31, 2025, compared with the previous financial year.
Incorporated in 2016, Apollo Techno Industries operates in the manufacturing and technology space, with a focus on equipment used in the construction and infrastructure sector.
The company specialises in trenchless technology and foundation equipment, catering to complex construction requirements. Its product portfolio includes Horizontal Directional Drilling (HDD) rigs, Diaphragm Drilling Rigs, Rotary Drilling Rigs, along with associated spare parts.
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December 26, 2025, 10:51 IST
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The KSE-100 Index posted a solid +0.58% gain on a week-on-week basis, closing the period on a positive note amid strong investor sentiment.
The primary catalyst was the landmark privatization of Pakistan International Airlines (PIA), finalized at Rs135 billion (approximately US$480 million), marking one of the largest and most significant privatization deals in Pakistan's history.
The successful auction, won by the Arif Habib-led consortium for a 75% stake, signals a major step toward reducing the government's burden from loss-making state-owned enterprises and boosting private sector confidence.
Market Snapshot – December 26th, 2025
Unlock today’s market moves and stay one step ahead!
Here’s what’s making waves:
ETFs (Exchange Traded Funds): Most Active in Today’s Market
Market Indices – At a Glance:
•KSE-100: Pullers & Draggers
•KMI-30: Pullers & Draggers pic.twitter.com/rCQIk0IVGt
— PSX (@pakstockexgltd) December 26, 2025
A positive session was observed at the exchange, as the index gained to close at an all-time high of 172,400 level (up by +0.92%).
Top positive contributions to the index came from ENGROH, PPL, SYS, NBP, and MLCF, as they cumulatively added +774 points to the index, according to Topline Securities. Traded value-wise, BOP (Rs3.1b), NBP (Rs2.94b), SEARL (Rs2.05b), PPL (Rs2.03b), PTC (Rs1.51b), and MLCF (Rs1.35b) dominated the trading activity. Traded value and volume for the day stood at 797 million shares and Rs38b, respectively.
Today, 59% of the total equity value traded at PSX was in Shariah-compliant stocks!
Learn about the top 3 Shariah Compliant Stocks in today's PSX Market Breakdown pic.twitter.com/TXQAxCc95U
— PSX (@pakstockexgltd) December 26, 2025
This positive momentum was further supported by the State Bank of Pakistan's (SBP) recent 50 basis points policy rate cut to 10.5%, which continued to encourage investment in equities by lowering borrowing costs and improving liquidity. Trading activity remained robust, with average daily volumes at 736 million shares and a value of Rs31.5b.
Analysts view this as a turning point for market reforms, with the PIA deal expected to pave the way for more divestments and enhanced economic efficiency.
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Insolvency ruling: CoC cannot alter approved resolution plan or reallocate dissenting creditors’ funds, says NCLAT – The Times of India
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