Jubilant Pharmova Limited has initiated a postal ballot process to seek shareholder approval for the re-appointment of Mr. Priyavrat Bhartia and Mr. Arjun Shanker Bhartia as Managing Director and Joint Managing Director, respectively. The re-appointments are proposed for a period of three years effective from June 1, 2026, to May 31, 2029. The resolutions require approval as the remuneration payable may exceed five per cent of the net profits, and aggregate remuneration to all directors may exceed ten per cent of net profits.

The remote e-voting period commenced on July 19, 2026, at 9:00 A.M. (IST) and will conclude on August 17, 2026, at 5:00 P.M. (IST). Shareholders whose names appear in the Register of Members or the list of Beneficial Owners as on the cut-off date of July 10, 2026, are entitled to vote. The Board appointed Mr. Rupinder Singh Bhatia, Practicing Company Secretary, as the Scrutinizer for the process. Physical copies of the postal ballot notice are not being dispatched; communication is exclusively through the remote e-voting system.

Re-appointment Details

The Board approved the re-appointments at its meeting held on May 22, 2026. Mr. Priyavrat Bhartia, aged 49, has been associated with the Board since May 2017 and has served as Managing Director since June 1, 2023. Mr. Arjun Shanker Bhartia, aged 39, has been on the Board since May 2017 and was re-designated as Joint Managing Director effective June 1, 2023. The terms include a salary and perquisites of up to ₹7,50,00,000 per annum for each director.

Financial Performance

The explanatory statement provided the financial performance of the Company for the financial year 2025-26. The standalone profit after tax was reported at ₹632 million, while the consolidated profit after tax stood at ₹3,975 million.

The notice states that during FY 2025-26, the Company transferred its Active Pharmaceutical Ingredients (API) business to a wholly owned subsidiary, classifying it as a discontinued operation in standalone financial statements. This resulted in inadequate profits from continuing operations at the standalone level, though the consolidated financial performance was not adversely impacted.

Jubilant Pharmova Limited has secured a significant financial relief after the Income Tax Department deleted a tax demand of Rs 22.10 crores for Assessment Year 2020-21. The company received the rectification order at 10:06 pm IST on July 15, 2026, which nullifies the demand in its entirety. This development follows a rectification application the company filed against the demand raised by the Income Tax Department.

The order pertains to a mistake apparent from record in the assessment order. While the rectification order has provided relief from the relevant Assessing Officer, the company stated that an appeal filed before the Income Tax Appellate Tribunal (ITAT) on different grounds is yet to be adjudicated. The disclosure was made to the exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Details of the Order

The rectification application was filed to address the specific tax demand for the financial period in question. The successful deletion of the demand removes a potential financial liability for the company. However, the ongoing proceedings before the ITAT indicate that other aspects of the assessment are still under review.

The company confirmed that the order has been posted on its website. Naresh Kapoor, Company Secretary, signed the disclosure on behalf of Jubilant Pharmova Limited .