Panacea Biotec Limited announced the resignation of CA Rajesh Jain as Non-Executive Independent Director, effective from the close of business hours on June 30, 2026. The resignation applies to both the company and its material wholly owned subsidiary, Panacea Biotec Pharma Limited.

Resignation Details

CA Rajesh Jain (DIN: 10619014) submitted his resignation via email on March 30, 2026. His decision stems from existing professional commitments and the increasing time demands arising from evolving regulatory and corporate governance requirements, resulting in his inability to devote adequate time, attention, and diligence required for the role.

Committee Positions Impact

Consequently, CA Jain will cease to be the Chairman or member of various Board Committees of both companies effective from the close of business hours on June 30, 2026, or such other earlier date as may be decided by the Board. His committee positions include:

• Audit Committee
• Nomination and Remuneration Committee
• Various other Board Committees

Other Directorships

CA Rajesh Jain currently holds directorships in other listed entities:

Company Statement

The Board of Directors and Management of Panacea Biotec Limited and Panacea Biotec Pharma Limited expressed deep appreciation and gratitude to CA Rajesh Jain for his contribution and guidance towards the business growth during his association with both companies. CA Jain confirmed that there are no other material reasons for his resignation beyond those mentioned.

Regulatory Compliance

The resignation disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, along with the required annexures including the resignation letters and detailed information as per SEBI Master Circular dated November 11, 2024.

Panacea Biotec Limited has encountered a significant legal setback as the Commissioner of Income Tax (Appeals), New Delhi dismissed its appeals against penalty orders totaling ₹9.38 crore. The ruling, dated March 25, 2026 and received on March 26, 2026, represents an adverse development in the company's ongoing tax litigation proceedings.

Background of Tax Dispute

The penalty orders were originally issued on December 24, 2025, by the Assistant Commissioner of Income Tax, New Delhi, for alleged under-reporting of income. The dispute spans three assessment years, creating a comprehensive challenge to the company's tax compliance across multiple financial periods.

Company's Response and Next Steps

Panacea Biotec has maintained a firm stance against the penalty orders, asserting that the demand is not maintainable. The company's assessment indicates strong grounds for challenging the ruling at higher judicial levels. Following the dismissal by CIT(A), the pharmaceutical manufacturer is taking necessary steps to file an appeal with the appellate authority.

The company has emphasized its commitment to pursuing all available legal remedies to contest the penalty orders. This approach demonstrates the organization's confidence in its tax compliance practices and its willingness to defend its position through the judicial process.

Financial and Operational Impact Assessment

Despite the substantial penalty amount involved, Panacea Biotec has provided reassurance regarding the potential impact on its business operations. The company's management has stated that it does not envisage any relevant impact on financial, operational, or other activities of the organization.

Regulatory Compliance and Disclosure

The disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrating the company's commitment to maintaining transparency with stakeholders. This update follows the company's previous communication dated December 26, 2025, ensuring continuous information flow regarding the litigation proceedings.

The comprehensive disclosure includes all requisite details as mandated under SEBI regulations, reflecting the company's adherence to corporate governance standards. The filing was executed by Ankit Jain, General Manager – Legal & Company Secretary, on March 27, 2026, ensuring timely communication to both NSE and BSE.