Panacea Biotec Limited has announced the completion of Mr. Mukul Gupta's tenure as Independent Director, marking the end of his second and final five-year term on March 31, 2026. The pharmaceutical company informed both NSE and BSE about this corporate governance development in compliance with SEBI regulations through a formal intimation dated April 01, 2026.

Director Tenure Completion Details

Mr. Mukul Gupta (DIN: 00254597) served as Independent Director for five consecutive years in his second term, which concluded on March 31, 2026. Following the completion of his tenure, he has ceased to be an Independent Director of the company and has also stepped down from his roles as Chairperson and member of various Board committees.

Regulatory Compliance and Filing Details

The announcement was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided all required disclosures in accordance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

The formal intimation was addressed to both stock exchanges where the company is listed:

Management Recognition

The Board of Directors and management of Panacea Biotec have expressed deep appreciation and gratitude to Mr. Mukul Gupta for his extensive contribution and guidance towards the company's business growth during his tenure as Independent Director. His completion of the maximum permissible term reflects the regulatory framework governing independent director tenures in Indian companies.

The formal intimation was digitally signed by Ankit Jain, General Manager – Legal & Company Secretary, ensuring timely compliance with stock exchange notification requirements and maintaining transparency in corporate governance practices.

Panacea Biotec Limited has disclosed receiving a significant GST demand order from tax authorities, marking an escalation in ongoing tax litigation proceedings. The pharmaceutical company informed stock exchanges about the development under regulatory disclosure requirements on March 31, 2026.

GST Demand Details

The company received a demand order dated March 30, 2026, from the Office of the Joint Commissioner, Central Goods & Services Tax Sub-Commissionerate Mohali, Chandigarh. The order raises a total demand of ₹22.88 crore under the Central/Integrated Goods and Services Tax Act, 2017.

Background and Timeline

The tax dispute stems from allegations of non-payment of GST on supplying a corporate guarantee. The case involves a corporate guarantee amounting to ₹864 crore provided for 1,074 days from April 6, 2019, to March 15, 2022.

Legal Protection Measures

Panacea Biotec has taken proactive legal steps to protect its interests. The company filed a writ petition before the Punjab & Haryana High Court on November 24, 2025. The High Court has granted an interim stay order that prevents tax authorities from taking coercive action against the company, even if a final assessment order is passed or demand is raised.

The company also submitted its detailed response to the Show Cause Notice on March 27, 2026, just three days before receiving the demand order.

Company's Position

Panacea Biotec maintains a strong stance against the GST demand. According to the company's assessment, the demand is not maintainable under applicable tax laws. The pharmaceutical firm has committed to taking all necessary legal steps as deemed appropriate to contest the demand.

Regarding financial implications, the company stated it does not envisage any relevant impact on its financial, operational, or other business activities. This position reflects the company's confidence in its legal strategy and the protection afforded by the High Court's interim stay order.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of SEBI LODR Regulations, demonstrating the company's commitment to transparency with stakeholders. The comprehensive details provided include the nature of communication, timeline, financial implications, and remedial actions taken by the company.