Jubilant Pharmova unit gets ₹107.89 crore tax order for FY23

Jubilant Pharmova Limited disclosed that its subsidiary, Jubilant Generics Limited (JGL), has received an order from the Income Tax Department regarding the assessment year FY23. The order, received on May 22, 2026, outlines tax adjustments amounting to ₹107.89 crore. These adjustments primarily stem from transfer pricing modifications which JGL claims were made ignoring the facts and contentions presented by the company.

Planned Legal Recourse

JGL has indicated that it is currently in the process of filing a necessary appeal against the order before the Commissioner of Income Tax (Appeals). Additionally, a separate application has already been filed before the Advance Pricing Authority covering the financial year under consideration. The subsidiary believes that once the adjudication or redressal process is completed, the impugned tax adjustments are likely to be deleted.

Financial Implications

According to the intimation, JGL does not anticipate any material financial implications resulting from the order. The company expects to secure relief from the relevant Appellate Authority or the Advance Pricing Authority. The specific financial impact detailed in the report relates to a reduction in Deferred Tax Assets.

Sr. No.	Brief details of Litigation	Name of the opposing party	Court/tribunal/ Agency where litigation is filed	Expected financial implications	Quantum of claims (in ₹ crores)
1	JGL received Order dated May 21, 2026 for FY 23 making tax adjustments of ₹107.89 crores primarily arising out transfer pricing adjustments.	Income Tax Department	Appeal shall be filed before Commissioner of Income Tax (Appeals).	JGL expects to get relief and does not anticipate any material financial implications.	Reduction in Deferred Tax Assets to the extent of ₹37.70 crores

The intimation was submitted to the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The event occurred on May 22, 2026, at 8:42 AM IST.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.73%	+2.17%	-4.30%	-8.36%	-13.97%	+31.71%

Jubilant Pharmova Limited has announced a change in its senior leadership, effective May 22, 2026. The company disclosed that Mr. Arun Kumar Sharma has relinquished his office as Chief Financial Officer (CFO) at the close of business hours on May 22, 2026. Following his resignation, Mr. Sharma has moved to a new role within the organization, serving as an Advisor to the Chairmen. The Board of Directors placed on record its appreciation for his valuable contributions and services during his tenure as CFO.

Concurrently, the Board of Directors, at its meeting held on May 22, 2026, approved the appointment of Mr. Ashish Mukkirwar as the new CFO and Key Managerial Personnel (KMP) of the company. This appointment was made on the recommendation of the Nomination, Remuneration and Compensation Committee and the Audit Committee. Mr. Mukkirwar will assume his new responsibilities effective May 23, 2026.

Profile of the New CFO

Mr. Ashish Mukkirwar brings over two decades of progressive experience to the role. His expertise spans corporate finance, business finance, capital markets, investor relations, mergers and acquisitions (M&A), and strategy. Prior to joining Jubilant Pharmova, he served as Group Vice President & CFO – Global Formulations Business at Glenmark Pharmaceuticals. Before that, he was the Group Vice President – Strategy, M&A, and Investor Relations at Glenmark for four years. His earlier career includes senior roles at Moelis & Company and UBS Investment Banking. Mr. Mukkirwar holds an MBA from the Indian Institute of Management, Kolkata.

Key Management Changes

The following table summarizes the changes in the company's financial leadership:

Sr. No.	Particulars	Details
1.	Name	Mr. Ashish Mukkirwar
2.	Reason for change	Appointment
3.	Date of appointment	May 23, 2026
4.	Name	Mr. Arun Kumar Sharma
5.	Reason for change	Resigned as Chief Financial Officer
6.	Date of cessation	Close of business hours of May 22, 2026

The company stated that the necessary disclosures regarding the appointment were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The relevant documents have been posted on the company's official website.