PAKISTAN
DG ISPR to Hold Press Conference Today
The Director General of Inter-Services Public Relations (ISPR), Lieutenant General Ahmed Sharif Chaudhry, will hold a press conference today (Tuesday), according to an official statement issued by ISPR.
The news briefing is scheduled to take place at 2:00 pm. During the press conference, the DG ISPR is expected to brief the media on the prevailing security situation in the country and address other important national matters.
The briefing is anticipated to provide clarity on key developments and issues of national significance.
Four policemen martyred in separate gun attacks in KP
PSMU Desk
LAKKI MARWAT: Four policemen were tragically martyred in two separate firing incidents in Khyber Pakhtunkhwa (KP) yesterday, as confirmed by the police.
In Lakki Marwat, unidentified assailants on motorcycles opened fire on traffic police personnel in Sarai Naurang city, resulting in the martyrdom of three officers. The victims were identified as Traffic Police In-charge Naurang Jalal Khan, Constable Azizullah, and Constable Abdullah. The attackers managed to escape the scene. The bodies of the fallen officers were transported to the Tehsil Headquarters Hospital in Sarai Naurang for legal procedures. Authorities have launched a search operation to track down the perpetrators.
In a separate incident in Bannu, a police constable, identified as Rashid Khan, was martyred when he was attacked by unidentified assailants while on his way to report for duty at the Mandan Police Station. The gunmen ambushed him in the Mandan area, and he succumbed to his injuries.
These incidents are part of a worrying surge in terrorist attacks targeting law enforcement agencies in KP, particularly since the Taliban’s takeover of Afghanistan in 2021. In December 2025, five policemen were martyred in a similar attack in Karak district, while another attack on December 3, 2024, saw three officers, including an assistant sub-inspector, martyred in Dera Ismail Khan.
According to the Centre for Research and Security Studies (CRSS), KP witnessed the highest number of terrorist attacks in 2025, with 2,331 lives lost, including both civilians and law enforcement personnel.
In response to the attacks, the Chief Minister of KP condemned the violence, expressing condolences to the families of the martyred officers and reaffirming the government’s commitment to thwarting the goals of anti-state elements.
NDMA warns of snowfall, road closures from Dec 30
Pakistan’s disaster management authorities have warned of widespread snowfall, road closures and landslide risks across upper and central regions as a strong westerly weather system moves into the country from December 29.
The system is expected to peak between December 30 and January 1, according to the press release.
According to the National Disaster Management Authority (NDMA), the westerly wave is forecast to enter western parts of Pakistan late on December 29 and intensify a day later, affecting most upper and central areas by December 31.
The system is expected to persist in northern regions until the morning of January 2, 2026.
The advisory highlights a high likelihood of snowfall causing slippery roads and temporary closures in several mountainous and tourist destinations, including Naran, Kaghan, Swat, Dir, Kohistan, Murree, Galliyat, Neelum Valley, Hunza, Skardu and Astore.
Authorities have also cautioned about possible landslides and avalanches in upper Khyber Pakhtunkhwa, Gilgit-Baltistan and Azad Jammu & Kashmir during the same period.
The warning comes amid peak winter travel, raising concerns for commuters and tourists heading to high-altitude areas.
Disaster authorities advised avoiding non-essential travel in vulnerable regions and urged travelers to monitor weather updates closely.
NDMA has directed provincial and regional disaster management bodies, including PDMAs, GBDMA, SDMA and the Islamabad Capital Territory administration, to ensure preparedness and keep emergency teams on alert.
Authorities have also been instructed to maintain coordination to reduce risks to lives, property and critical infrastructure.
While the wet spell is expected to improve visibility by reducing fog in central and southern Punjab and upper Sindh.
The public has been advised to follow official weather advisories and use the Pak NDMA Disaster Alert mobile application for real-time updates, particularly before traveling to affected regions.
Arif Habib Consortium takes flight: PIA privatization deal sealed ‘Rs135b’
PROMISES REVIVAL OF NATIONAL AIRLINE
Aneel Ahmed Usmani
ISLAMABAD: In a landmark development for Pakistan’s aviation sector, the Arif Habib Corporation Limited-led consortium has emerged as the winning bidder for the privatization of Pakistan International Airlines (PIA), securing the majority stake with a final offer of Rs135 billion. The announcement marks the culmination of the government’s second televised attempt to privatize the national flag carrier.
The consortium, which includes Fatima Fertiliser Company Limited, City Schools, and Lake City Holdings Limited, now takes over 75% of PIA’s shares, with 92.5% of the proceeds earmarked for investments in the airline and the remaining 7.5% going to the federal government. Officials have confirmed that the remaining 25% stake retained by the government will remain under state ownership, with an option for the consortium to acquire it later.
Privatization Commission Chairman Muhammad Ali described the sale as a transformative step for PIA. “The Arif Habib-led consortium brings the expertise, capital, and vision necessary to revive PIA’s operational efficiency and restore its past glory,” he said.
The consortium has committed to infusing substantial capital into modernizing the airline’s fleet, enhancing operational processes, and expanding domestic and international routes. Industry analysts say the takeover could usher in a new era of professionalism, financial stability, and customer-focused service for the airline, which recently posted its first pre-tax profit in two decades.
Job security for PIA employees has been assured for 12 months, while pensions, medical benefits, and other post-retirement obligations will remain the responsibility of the holding company. Current salaries and benefits will continue under the new management.
Prime Minister Shehbaz Sharif lauded the process, calling it a “milestone in Pakistan’s economic reform agenda” and emphasizing that the government’s objective is to make PIA self-sustaining rather than simply selling it.
With 78 operational destinations and around 170 landing slots worldwide, the Arif Habib consortium now faces the challenge of turning the historic airline into a profitable and competitive carrier. Aviation experts say the move could not only strengthen Pakistan’s civil aviation sector but also boost investor confidence in the country’s privatization program.
The successful acquisition is expected to attract fresh investment, enhance service quality, and reconnect Pakistan to key international routes, signaling a promising future for the once-flagship carrier.
ound 1: Arif Habib leading, Lucky Consortium penultimate, Air Blue stands third till now
Arif Habib Ltd: 115 billion
LUCKY CEMENT: 101.5 billion
Air Blue: 26.5 billion
By Aneel Ahmed Usmani
ISLAMABAD: The second open-bidding ceremony for the privatization of Pakistan International Airlines (PIA) is currently underway in Islamabad, with a brief half-hour break during the proceedings. Three major contenders are competing for a majority stake in the national flag carrier.
During the initial round of bidding, Arif Habib Corporation Limited has emerged as the frontrunner with an offer of Rs115 billion. Following closely is Lucky Cement Limited with a bid of Rs101.5 billion, while Air Blue currently trails with Rs26.5 billion.
The competitive bidding marks a significant step in Pakistan’s efforts to privatize its national airline, attracting major players from diverse sectors and generating heightened public and media attention.
The first consortium is led by Lucky Cement Limited and includes power producer Hub Power Holdings Limited, Kohat Cement Company Limited (KOHC), and investment firm Metro Ventures. The second consortium is spearheaded by Arif Habib Corporation Limited, with partners Fatima Fertiliser Company Limited, private school network City Schools, and real estate firm Lake City Holdings Limited. The third bidder is private airline Air Blue (Private) Ltd.
This auction represents Pakistan’s second televised attempt to sell PIA after last year’s failed process, which drew only a single bid far below the government’s reference price, stalling what would have been the country’s first major privatization in nearly two decades.
The bids are being submitted in a public ceremony broadcast live on state television. Representatives of the bidding groups deposited sealed offers into a transparent box, ensuring transparency throughout the process. The bidding for the majority stake will occur in two phases, with a second open-bidding session scheduled later today.
Prime Minister Shehbaz Sharif lauded the process for its transparency and urged cabinet members to attend the ceremony. Fauji Fertiliser Company Ltd, previously seen as a leading contender for the 75% stake, formally withdrew from the bidding last week.
Under the privatization structure, 92.5% of the amount paid for the 75% stake will be invested in PIA, with the remaining 7.5% going to the government. Bidders may also have the option to acquire the remaining 25% stake retained by the state. Payment terms stipulate that two-thirds of the bid must be paid within 90 days, with the remainder due within 12 months.
The government has guaranteed 12 months of job security for PIA employees, while pension liabilities, medical benefits, and other post-retirement perks will be managed by the holding company. The airline currently operates 78 destinations worldwide and holds around 170 landing slots.
PIA’s financial outlook has improved significantly since last year. Islamabad has absorbed most of its legacy debt, the airline posted its first pre-tax profit in two decades, and international regulators, including the UK and EU, have lifted a five-year ban, reopening lucrative routes. Analysts say this could materially increase PIA’s valuation compared to the failed auction last year.
The sale of PIA forms part of Pakistan’s broader privatization agenda under the IMF bailout, which also targets stakes in state-owned banks, power distribution companies, and other loss-making enterprises to reduce fiscal drain and restore investor confidence.
IFC launches first local currency investment in Pakistan
PSMU Desk
ISLAMABAD: The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has announced its first local currency investment in Pakistan, aimed at strengthening the country’s agriculture sector and enhancing food security.
According to a press release issued on Tuesday, the IFC’s investment will take the form of an unfunded partial credit guarantee of up to Rs33.6 billion, supporting long-term financing from Standard Chartered Bank Pakistan Limited to Engro Fertilisers Limited.
“This marks IFC’s first Pakistani rupee-denominated investment, expanding access to long-term financing solutions in both local and foreign currency—critical for economic growth, particularly in key sectors such as agriculture and micro, small, and medium enterprises,” the release said.
The financing will enable Engro Fertilisers to mobilize local capital for strengthening the agri-value chain, maintaining production facilities, and ensuring uninterrupted supply of urea and other fertilisers to meet national demand. The project also benefits from a first-loss counter guarantee from IFC-Canada’s Facility for Resilient Food Systems.
By leveraging PKR-denominated financing, Engro Fertilisers is promoting the use of domestic capital to enhance operational resilience and support farmer programs that complement the company’s mission of reliable production.
The press release highlighted the importance of agriculture in Pakistan, contributing 24% of GDP, 70% of exports, and 40% of employment, while noting systemic challenges such as inefficient supply chains, underfunded farmer programs, low literacy, and rising input costs. The IFC investment is intended to help address these gaps.
Engro Fertilisers CEO Ali Rathore said, “Using local capital to strengthen local value chains reflects our commitment to Pakistan and to our farmers—the backbone of the economy—through reliable fertiliser production. We are grateful to IFC and Standard Chartered Bank for enabling us to advance this mission.”
IFC’s Regional Industry Head for Manufacturing, Agribusiness, and Services in the Middle East and Central Asia, Ashruf Megahed, stated, “This investment reflects the strength of our partnership with Engro Fertilisers and Standard Chartered Bank and our shared commitment to providing innovative solutions sustainably. It opens new pathways for local currency long-term financing, supporting growth and financial resilience in a sector vital to the country’s economy.”
Rehan Shaikh, CEO and Head of Coverage at Standard Chartered Pakistan, added, “This partnership demonstrates our shared vision to strengthen food security and support one of Pakistan’s most critical value chains. Standard Chartered looks forward to replicating this successful structure across our network.”
The announcement comes two months after the State Bank of Pakistan (SBP) partnered with the IFC to expand local currency financing for the private sector. Under the International Swaps and Derivatives Association (ISDA) framework, this agreement allows the multilateral institution to invest in Pakistani rupees and manage exchange rate risks, addressing the mismatch that arises when companies borrow in hard currencies but earn revenues in local currency.
The move is expected to enhance the financial resilience of local businesses while supporting long-term economic stability.
Pakistan Refinery appoints interim CEO
Pakistan Refinery Limited (PSX: PRL) has appointed Mr. Zafar Ul Islam Usmani as the interim Managing Director and Chief Executive Officer, effective January 1, 2026.
This decision follows the company’s earlier declaration on September 11, 2025, according to the company’s statement issued today.
At the time of writing, shares of PRL were trading at Rs.36.10, up Rs.0.51, or 1.43%.
Wahdat Farms Pvt Ltd: revolutionizing Pakistan’s poultry industry with nutrient-rich eggs
The packaged and enriched eggs (PNE) segment in Pakistan’s poultry industry is witnessing remarkable growth, driven by increasing consumer awareness of health and hygiene. At the forefront of this transformation is Wahdat Poultry Farms Pvt. Ltd. (WPF), the company behind Farm Fresh Eggs, renowned for being one of the pioneers in packaged and enriched products such asOmega-3 enriched and vitamin-fortified eggs in Pakistan.
The Inception of Farm Fresh Eggs
Founded by Muhemmed Shahid Zaman and Air Marshal Aurangzeb Khan (Retd.), Wahdat Farms was established to utilize ancestral farmland to produce premium, nutrient-rich eggs—a product of unmatched quality in the Pakistani market. Aurangzeb Khan, a decorated officer with an illustrious career in the Air Force, has led significant projects, including the induction of the JF-17 Thunder, developed jointly by China and Pakistan’s Aeronautical Complex Kamra, where he served as Chairman. Muhemmed Shahid Zaman, a serial entrepreneur, has successfully spearheaded China clay Factory in Sindh & several agricultural ventures, including fish farming, modern dairy farming, organic fertilizer, and corn silage production.
Innovative and Nutrient-Rich Products
Over the past sixteen years, Farm Fresh Eggs has led the packaged and enriched egg category, establishing a strong domestic footprint while also making inroads into export markets, particularly in the Gulf region. The brand offers a rich nutritional profile, providing essential vitamins such as A, D, and E, along with key nutrients like Selenium and Omega-3 fatty acids. In a market, where consumers often have to choose between quality and affordability, Farm Fresh Eggs stands out by excelling in both. This is why they have a loyal customer base.
Wahdat Farms ensures this quality through the rigorous production process that upholds the highest hygiene and safety standards. The hens are fed a 100% vegetarian diet free from antibiotics, ensuring the birds’ health and the superior quality of their eggs. Produced in state-of-the-art, fully automated farms equipped with modern technology, the eggs are subjected to stringent hygiene protocols. A dedicated panel of nutritionists oversees the entire process to ensure that only the finest quality eggs reach consumers. As a result, the eggs are antibiotics & bacterial free nutritious, meeting international quality standards.
Positioned for Growth in a Rapidly Expanding Market
Wahdat Poultry Farm is the market leader in the packaged & eggs category.
With rising demand for healthier food options in Pakistan, the BNE segment is poised for significant growth. Wahdat Farms has strategically positioned itself to capitalize on this trend. Over the last sixteen years, the company has built a strong presence in the domestic market, offering products that meet the evolving needs of health-conscious consumers—anticipating the demand long before it became apparent.
International Market Presence
Wahdat Farms has also expanded into international markets, particularly in the Middle East, where there is high demand for premium-quality eggs. Farm Fresh Eggs are supplied to major international retail chains such as Carrefour, Metro, and McDonald’s, reflecting the trust and credibility the company has earned over the years. These global partners conduct annual quality audits, consistently awarding Wahdat Farms an A-grade rating, further solidifying its reputation as a leader in the industry.
Opportunities for Expansion
The rapid expansion of the PNE segment in Pakistan presents significant opportunities for Wahdat Farms to further scale its operations. Financial institutions can play a critical role by providing capital to enhance the value chain, improving margins and ensuring the sustainability of export activities. Such investments would boost the company’s domestic and international market reach, driving revenue growth and promoting economic advancement across Pakistan.
Wahdat Farms’ success underscores the potential for value-added products in the agricultural sector, opening new avenues for consumers, sponsors, and business partners.
A Vision for the Future
Under the leadership of Muhemmed Shahid Zaman and Air Marshal Aurangzeb Khan (Retd.), Wahdat Farms is set to continue its trajectory of growth and innovation. The company’s vision is to lead Pakistan’s egg industry by introducing new, health-focused products and expand its footprint locally and globally. With a strong foundation built on quality, trust, and sustainability, Wahdat Farms is well-poised to face future challenges and seize new opportunities.
As Pakistan’s poultry industry evolves, Wahdat Farms Pvt. Ltd. stands at the forefront, setting new benchmarks in product quality and industry practices. Through its commitment to innovation and excellence, Wahdat Farms is driving growth in the poultry sector while promoting healthier lifestyles for consumers both in Pakistan and beyond.
ECC approves Pakistan’s largest spectrum auction, opening doors for 5G
Recommendations would now be placed before the federal cabinet for final approval
The Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb, on Tuesday approved key recommendations for Pakistan’s largest-ever spectrum auction, enabling the country’s first commercial rollout of 5G services.
The approval is based on proposals of the Spectrum Advisory Committee, also chaired by the finance minister, following consultations with stakeholders, including users, the Pakistan Telecommunication Authority (PTA), and a review of international and regional benchmarks on spectrum pricing, payment terms, and auction design.
“We have been on the journey of Digital Pakistan, and accelerating that journey,” said Aurangzeb, adding that the spectrum auction is an important enabler in this regard.
Speaking at a press conference alongside the finance minister, Federal Minister for Information Technology and Telecommunication Shaza Fatima said the ECC’s decision clears a critical policy hurdle and that the recommendations would now be placed before the federal cabinet for final approval.
Once cleared by the cabinet, the PTA will issue an Information Memorandum, initiating formal consultations and negotiations with telecom operators.
High spectrum pricing: Govt finds itself in a catch-22 situation
“The government aims to complete the auction by the end of January or in the first week of February,” she said.
Under the plan, nearly 600 megahertz (MHz) of spectrum will be auctioned, in addition to the 274 MHz currently in use, making it the largest spectrum auction in Pakistan’s history.
Except for the 1800 MHz and 2300 MHz bands, all frequency bands will be auctioned for the first time in the country.
Meanwhile, Aurangzeb said that the recommendations were developed with a “Pakistan-first” approach, noting that spectrum pricing and payment structures were carefully designed to balance fiscal considerations with the telecom sector’s capacity to invest in network expansion.
Meanwhile, Pakistan’s IT minister admitted that a limited spectrum availability is a major reason for poor internet quality in the country, saying that around 240 million people currently operate on just 274 MHz of spectrum, far below regional peers.
She said the additional spectrum would reduce congestion, improve 3G and 4G services, and enable the introduction of 5G in Pakistan for the first time. The PTA will impose rollout obligations on winning bidders to ensure network deployment within four to six months.
The IT minister said the auction aligns with the government’s broader digital transformation agenda under the Digital Nation Pakistan Act and the “Connect 2030” plan, which targets average internet speeds of up to 100 Mbps over the next five years and aims to improve Pakistan’s position in international connectivity rankings within three years.
She added that the government has already abolished Right of Way charges to encourage investment in fibre infrastructure, noting that less than five per cent of the country is currently fibreised.
Unity Foods appoints Mr. Amir Shehzad as new CEO
Unity Foods Limited (PSX: UNITY) has gone through a planned leadership transition, effective December 23, 2025, today, with Mr. Amir Shehzad, the current Chairman of the Board, appointed as the company’s new Chief Executive Officer.
The move comes as Mr. Farrukh Amin steps down as CEO and assumes the role of Non-Executive Director, continuing to contribute to the company’s strategic direction, said a press release issued.
During his tenure as CEO, Mr. Amin played a pivotal role in strengthening Unity Foods’ operational foundations, driving strategic initiatives, and reinforcing stakeholder confidence.
Wilmar International, a key partner, formally acknowledged his leadership and contributions to the company’s progress.
Mr. Shehzad’s appointment reflects the Board’s confidence in his leadership and deep institutional knowledge, positioning Unity Foods to continue its growth trajectory with clarity and focus.
The transition has been planned to ensure continuity, sustained strategic momentum, and ongoing collaboration with Wilmar International.
The Board of Directors expressed its gratitude to Mr. Amin for his dedicated service as CEO and looks forward to his continued involvement as Non-Executive Director, confident that under Mr. Shehzad’s leadership, Unity Foods will advance with stability, purpose, and long-term value creation.
December 25 declared holiday at State Bank of Pakistan
The State Bank of Pakistan (SBP) will remain closed on Thursday, December 25, 2025, being a public holiday on the occasions of Quaid-e-Azam Day and Christmas, in line with the holiday declared by the Government of Pakistan.
A circular notification issued by the State Bank of Pakistan under its Banking Policy & Regulations Department.
BF Biosciences appoints Farhan Rafique new CEO
BF Biosciences Limited (PSX: BFBL) has appointed Muhammad Farhan Rafique as its new Chief Executive Officer, effective January 1, 2026, following the resignation of founding CEO Akhter Khalid Waheed.
According to a notice submitted to the Pakistan Stock Exchange, the Board of Directors accepted Waheed’s resignation during an emergent meeting on December 19, 2025.
The Board also expressed appreciation for her contributions in establishing and expanding the company.
Under Waheed’s leadership, BF Biosciences evolved into a recognized name in Pakistan’s pharmaceutical sector, achieving sustained growth, operational excellence, and strategic expansion.
Rafique, previously served as the company’s Chief Operating Officer, played a pivotal role in executing major initiatives under Waheed’s leadership.
His work includes leading the company’s brownfield expansion, supporting a successful Initial Public Offering (IPO), and driving digital transformation across operations.
With over 14 years of experience in the pharmaceutical industry, Rafique has held various leadership positions and brings operational insight, strategic vision, and execution capability to his new role.
The Board stated that his appointment will ensure continuity in leadership while building on the foundation established by the founding CEO.
BF Biosciences Limited remains listed on the Pakistan Stock Exchange and continues its focus on healthcare solutions and market expansion.
The company aims to create long-term value for its stakeholders amid a competitive pharmaceutical market in Pakistan.
Pakistan Idol clears the air over ex-contestant public statements
Pakistan Idol upholds the highest standards of governance, integrity, transparency, and fairness in every stage of the competition. All allegations questioning the credibility of the show, its processes, or its contestants are treated with utmost seriousness, and the Company will take all legally permissible steps to safeguard its reputation, the format, and the interests of all contestants.
Pakistan Idol strictly adheres to the audio and visual production standards prescribed by Fremantle, the international format owners of the global Idol franchise. All auditions, evaluations, and broadcast processes are conducted in accordance with these globally benchmarked guidelines.
It is unfortunate that a former contestant, having voluntarily withdrawn from the show, has chosen to make public statements that are false, misleading, and defamatory. These statements are an unjustified attempt to cast aspersions on the professionalism of the production team, the integrity of the judging process, and the hard work of fellow contestants competing in good faith.
Pakistan Idol continues to remain committed to promoting new talents and providing a fair, transparent, respectful, and opportunity-driven platform for all contestants. The Company is taking the necessary steps to address the matter through appropriate legal channels.
Please note that the situation is under full control, and this communication is primarily intended to ensure clarity and visibility across all stakeholders.
LHC refuses to halt tribunal proceedings in Rs155 million poultry cartel case
The Lahore High Court (LHC) has refused to stay proceedings of the Competition Appellate Tribunal (CAT) in the Rs155 million cartelisation case against eight poultry companies and the poultry association for price-fixing of day-old broiler chicks (DOCs), a press release said.
The petitions were filed by Supreme Farms (Private) Limited and Sabir Poultry, seeking to halt CAT proceedings on appeals filed by poultry hatcheries and the poultry association against Competition Commission of Pakistan (CCP)’s order. The petitioners requested the court to restrain CAT from deciding the appeals during the pendency of their constitutional challenges.
Supreme Farms challenged the constitutionality of Section 34 of the Competition Act, 2010, which empowers the CCP to enter and search premises, and Section 53, which allows CCP to seek assistance from other authorities and agencies for the collection of evidence.
Poultry sector across Sindh: Registration Authority to issue licences to investors: Malkani
According to the press release, the petitioner also sought a stay on CAT proceedings and requested that the tribunal be barred from relying on forensic reports prepared by the Federal Investigation Agency (FIA) and data obtained from the Pakistan Telecommunication Authority (PTA), which were relied upon in its order.
It is pertinent to note that during search and inspection operations, the CCP teams recovered electronic material evidence from the offices of the poultry association and several hatcheries. The materials were later forensically analysed and used by the CCP to pass its order.
Sabir Poultry filed a separate petition before the LHC on similar grounds, requesting the court to restrain CAT from issuing a decision based on evidence obtained from cellular phones and the Pakistan Telecommunication Authority (PTA) data. The LHC did not accept the pleas seeking a stay or suspension of CAT proceedings. However, the court will continue to hear the petitions on their merits.
Poultry prospects and broiler boom in Pakistan
Earlier, in April this year, the CCP imposed a cumulative penalty of Rs155 million on eight major poultry hatcheries and the poultry association for cartelisation and price-fixing of day-old broiler chicks. The action followed a suo motu inquiry initiated by the CCP into the DOC market.
The inquiry concluded that major hatcheries, including Sadiq Poultry, Hi-Tech Group, Islamabad Group, Olympia Group, Jadeed Group, Supreme Farms (Seasons Group), Big Bird Group, and Sabir’s Group were engaged in coordinated price-fixing, in violation of Section 4 of the Competition Act, 2010.