A Writ Petition has been filed against IndiGo, the Union of India (Ministry of Civil Aviation), and the Directorate General of Civil Aviation (DGCA) concerning recent operational disruptions that led to flight cancellations. The petition was filed in the Hon’ble High Court of Delhi by Mr. Akhil Rana and Mr. Utkarsh Sharma. The matter was listed on December 10, 2025, and has been adjourned for further proceedings.

Writ Petition Details

IndiGo is facing a Writ Petition filed in the Hon’ble High Court of Delhi. The petitioners, Mr. Akhil Rana and Mr. Utkarsh Sharma, have raised concerns regarding recent operational disruptions. These disruptions notably resulted in numerous flight cancellations, impacting passengers and potentially the airline’s reputation.

Company Response

IndiGo has stated that it is undertaking appropriate measures to respond to the writ petition. The company acknowledges the legal challenge and is actively preparing its defense. IndiGo aims to address the concerns raised and demonstrate its commitment to operational efficiency and passenger satisfaction. The potential financial implications of the litigation cannot currently be quantified.

Next Steps

The matter was initially listed on December 10, 2025. The court has adjourned the proceedings for further submission by the involved parties. IndiGo will continue to engage with the legal process and provide updates as necessary. The company has made the disclosure available on its website, www.goindigo.in.

Source: BSE

Firstsource Solutions has finalized its acquisition of Pastdue Credit Solutions (PDC) on December 11, 2025. The acquisition provides Firstsource with 100% stake in PDC, an FCA-registered UK-based collections agency. The acquisition will enhance Firstsource’s debt collection services in the UK market. All regulatory approvals for the transaction have been successfully obtained, marking a significant step in Firstsource’s growth strategy.

Pastdue Credit Solutions Acquisition Finalized

Firstsource Solutions has successfully completed its acquisition of Pastdue Credit Solutions (PDC), as of December 11, 2025. This strategic move will enhance Firstsource’s capabilities in providing comprehensive white-label, early arrears, and debt collection services. The initial announcement of the share purchase agreement was made on July 18, 2025.

Strategic Rationale

The acquisition of PDC, an FCA-registered UK based collections agency, aims to expand Firstsource Solutions’ footprint and offerings within the UK market. PDC specializes in white-label services related to early arrears and debt recovery. The company recorded a turnover of 16.9 million GBP and an operating profit of 3.4 million GBP for the period between November 2023 and October 2024.

Key Financials and Ownership

Firstsource Solutions now holds 100% ownership of PDC. The total consideration for the acquisition is 22 million GBP, which includes upfront payments and potential earnouts. This acquisition is not considered a related-party transaction, ensuring transparency and adherence to standard business practices.

Source: BSE

Bank of Baroda will host a Group Investor Conference on December 17, 2025, from 01:45 PM to 02:45 PM. The conference, focusing on Citi India Financials Tour 2025 at FIFC, BKC Mumbai, will be an in-person meeting. Representatives from various investment firms are expected to participate.

Investor Conference Announcement

Bank of Baroda has scheduled an in-person Group Investor Conference as part of the Citi India Financials Tour 2025. The event will take place at FIFC, BKC Mumbai on December 17, 2025, from 01:45 PM to 02:45 PM.

Participating Investors

The following investors are tentatively scheduled to participate in the conference:

* MATTHEWS INTL CAP MGMT
* GOLDMAN SACHS ASSET MANAGEMENT
* HDFC MUTUAL FUND
* AXIS MUTUAL FUND
* BALYASNY ASSET MGT
* DSP INVESTMENT MANAGERS
* IDFC ASSET MANAGEMENT CO PVT LTD
* IIFL INC
* MAX LIFE INSURANCE CO LTD
* MILLENNIUM CAPITAL MANAGEMENT
* MILLENNIUM PARTNERS
* MOON CAPITAL
* KOTAK MUTUAL FUND
* OXBOW CAPITAL MGMT
* PINPOINT ASSET MANAGEMENT LTD
* SBI LIFE INSURANCE CO (INDIA)
* SCHONFELD STRATEGIC ADV HK LTD
* TATA MUTUAL FUND
* WHITE OAK CAPITAL

Source: BSE

Poonawalla Fincorp has designated Manish Verma, Head of Investor Relations and Corporate Communications, and Vadakke Madathil Maneesh Kumar, Head – Operations, as Senior Management Personnel, effective December 11, 2025. The decision follows a resolution passed by the Board of Directors based on the Nomination and Remuneration Committee’s recommendation, marking a shift in the organizational hierarchy.

Senior Management Appointments

Poonawalla Fincorp has announced the categorization of two key executives as Senior Management Personnel, effective December 11, 2025. This decision, made by the Board of Directors, recognizes the importance of these roles in the company’s organizational structure.

Details of Appointees

Mr. Manish Verma, currently serving as Head of Investor Relations and Corporate Communications, brings over 25 years of experience in Indian financial markets. His expertise spans wholesale debt markets, treasury operations, and fixed-income structuring. He previously held leadership positions at InCred Capital, Trust Capital, SPA Limited, and SMIFS Securities.

Mr. Vadakke Madathil Maneesh Kumar, who heads Operations at Poonawalla Fincorp, is also designated as Senior Management Personnel. He has over 20 years of experience in the lending industry, with a focus on operations management, process automation, and customer experience enhancement. Previously, he served as Chief Operations Officer at SBFC Finance and held senior roles at Bajaj Finance, HSBC, HDFC Bank, and ICICI Bank.

Source: BSE

Welspun Corp has incorporated a wholly owned subsidiary, Welspun Global Holdings Limited (“WGHL”), in the Dubai International Financial Centre (“DIFC”), United Arab Emirates. WGHL will serve as an investment holding company to oversee the company’s global investments. The incorporation received official certification, marking a key step in Welspun’s international strategy.

Subsidiary Incorporation

Welspun Corp has announced the incorporation of a new wholly owned subsidiary (WOS), named Welspun Global Holdings Limited (“WGHL”). This new entity is based in the Dubai International Financial Centre (“DIFC”), located in the United Arab Emirates.

Purpose and Capitalization

The primary purpose of WGHL is to function as an investment holding company. It will oversee Welspun’s various investments on a global scale. WGHL has been incorporated with a minimum paid-up share capital of AED 100,000, divided into 10,000 shares of AED 10 each. All shares are fully held by Welspun Corp.

Source: BSE

Suzlon Energy has announced a favorable resolution in a service tax dispute. The Commissioner of Central Excise and Service Tax had levied a penalty of ₹21,92,23,767. However, the Honourable CESTAT, Mumbai, has now reduced this penalty to Nil. The dispute pertained to the classification of designs and drawings imported under Product Development & Purchase Agreements. This decision significantly reduces the company’s contingent liabilities.

Favorable Tax Dispute Resolution

Suzlon Energy has achieved a positive outcome regarding a long-standing service tax dispute. The issue revolved around the classification of designs and drawings imported under Product Development & Purchase Agreements, with an initial demand of ₹101.92 Crores (including tax, penalty, and interest).

Penalty Reduction Details

Initially, the Commissioner of Central Excise and Service Tax, Pune-III Commissionerate, had imposed service tax on certain transactions conducted between 2007 and 2011, along with a penalty of ₹21,92,23,767. Suzlon Energy contested this levy by filing appeals with the Honourable CESTAT, Mumbai.

CESTAT Order

The Honourable CESTAT, Mumbai, after referral from the Honourable Supreme Court, has now disposed of the matter, ruling in favor of Suzlon Energy. The order, dated December 10, 2025, allows the appeals, reducing the penalty from ₹21,92,23,767 to Nil. The appeals were granted on both merits and time limitation grounds.

Impact on Contingent Liability

This favorable outcome will reduce the company’s contingent liability by ₹101.92 Crores. This announcement provides valuable information for the company’s members and the public.

Source: BSE

InterGlobe Aviation, the parent company of IndiGo, has announced that its CEO, Mr. Pieter Elbers, is scheduled to appear before a Committee of Officers at the Directorate General of Civil Aviation (DGCA) on December 12, 2025. The appearance is related to an examination of matters concerning recent flight disruptions. The company has requested that this information be taken on record.

CEO Appearance Before DGCA

Mr. Pieter Elbers, the CEO of InterGlobe Aviation, has been asked to appear before the Committee of Officers at the Directorate General of Civil Aviation (DGCA) on December 12, 2025. The committee is examining matters relating to flight disruptions.

Matter of Flight Disruptions

The CEO’s appearance is connected to the DGCA’s inquiry into the causes and impacts of flight disruptions. Further details were not provided in the announcement. This appearance highlights the airline’s commitment to addressing any issues related to service reliability and operational efficiency.

Source: BSE

Gujarat Mineral Development Corporation (GMDC) is advancing its coal sector expansion by operationalizing the Baitarni-West Coal Mine. A mining partner has been onboarded, and key statutory clearances have been secured. This 15 MTPA mine supports India’s energy ecosystem and GMDC’s diversified fuel portfolio, aiming for sustainable coal business and enhanced stakeholder value.

Baitarni-West Coal Mine Development

Gujarat Mineral Development Corporation Ltd. (GMDC) is progressing in its expansion into the coal sector with the Baitarni-West coal mine. The mine is considered a valuable asset due to its scale and geological potential.

Mining Partner and Statutory Clearances

GMDC has secured a mining partner to ensure planned production at the Baitarni-West Coal Mine. The company also obtained Stage-I Forest Clearance and Environmental Clearance from the Ministry of Environment, Forest and Climate Change.

Strategic Impact

The development of the Baitarni-West coal mine is expected to strengthen India’s energy ecosystem. GMDC aims to balance and diversify its mining portfolio and enhance long-term value for its stakeholders. The company has three coal blocks in Odisha, with Baitarni-West being the most valuable.

Management Commentary

According to Sh. Roopwant Singh, IAS, MD-GMDC, advancing the Baitarni-West coal mine within 2.5 years shows the company’s focus on project development and sustainable value creation. The company’s progress reflects its approach to building mining assets that support regional development.

Source: BSE

Sterling and Wilson Renewable Energy has received an order from Haryana GST authorities regarding a mismatch of input tax for the financial year 2018-19. The order involves approximately ₹6.85 Lakhs, with an equal amount levied as penalty, plus applicable interest. The company is currently evaluating the order and determining its next steps.

GST Order Details

Sterling and Wilson Renewable Energy has received an order from Haryana’s GST authorities related to a discrepancy in input tax for the financial year 2018-19. The assessed mismatch totals approximately ₹6.85 Lakhs. This amount is subject to an equivalent penalty and additional interest charges.

Company Response

As of December 11, 2025, the company has acknowledged the order and is currently in the process of reviewing its implications and planning a subsequent course of action. There are no immediate material impacts expected on the Company’s operations.

Source: BSE

NBCC (India) Limited has announced the acquisition of new work orders totaling approximately ₹289.39 Crore. These orders encompass a range of projects including planning, design, and execution of civil and electrical works for NALCO, as well as desilting work for SAIL Bokaro. This strengthens NBCC’s project portfolio.

New Project Acquisitions

NBCC (India) Limited has secured new work orders amounting to approximately ₹289.39 Crore. These projects fall within the ordinary course of business for the company. The announcement was officially made on December 11, 2025.

Details of the Work Orders

NALCO Project

NBCC has been awarded a project involving the planning, designing, and execution of various civil, electrical, water supply, and horticulture works, along with the construction and repairs of RCC structures for NALCO. The value of this project is approximately ₹255.50 Crore (excluding GST).

SAIL Bokaro Project

The company will also undertake the desilting of cooling Pond #1 (Hot & Cold Water Chambers) for SAIL Bokaro. This project is valued at ₹33.89 Crore (excluding GST).

Project Scope and Impact

The projects awarded cover a range of services, from new construction and repairs to specialized desilting work. These new orders contribute to NBCC’s continued growth and project execution capabilities.

Source: BSE