Panacea Biotec Pharma Limited (PBPL), a material wholly owned subsidiary of panacea biotec , has approved the appointment of Mr. Krishan Kumar Jalan and the re-appointment of Mrs. Manjula Upadhyay as non-executive independent directors. The decisions were made during a board meeting held on May 29, 2026. Both appointments are subject to approval from the shareholders of the subsidiary.

Mr. Krishan Kumar Jalan has been appointed as an additional director for a period commencing July 01, 2026, until February 13, 2030. His tenure aligns with his current term as an independent director at Panacea Biotec. Mrs. Manjula Upadhyay has been re-appointed for a term of five consecutive years, effective from July 23, 2026, to July 22, 2031. Neither director is liable to retire by rotation.

The board disclosed that both appointees bring extensive experience to their roles. Mr. Jalan is a retired IAS officer with over 35 years of experience in the Indian Administrative Service, having served in senior positions such as Additional Chief Secretary and Principal Secretary in the Haryana Government. Mrs. Upadhyay is a practicing lawyer with approximately 37 years of experience, specializing in labour laws, and currently serves as the Managing Partner of MR Lex Corp LLP.

The filings confirm that neither director is related to any existing director on the board. Furthermore, both individuals are not debarred from holding the office of director by any SEBI order or other regulatory authority. The disclosures were made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Director Details

The appointments are intended to strengthen the decision-making processes and ensure adherence to ethical practices within PBPL's board.

Panacea Biotec Limited has achieved a favorable outcome in its ongoing tax litigation, with the Income Tax Appellate Tribunal (ITAT) allowing the company's appeal and setting aside a substantial tax demand of ₹9.16 crore for Assessment Year 2020-21. The company disclosed this development through a regulatory filing dated April 30, 2026, in compliance with SEBI listing regulations.

ITAT Order Details

The Income Tax Appellate Tribunal, Delhi, through its order dated April 29, 2026, allowed the appeal filed by Panacea Biotec and set aside the order dated August 14, 2025, issued by the Commissioner of Income Tax (Appeals). The appellate tribunal's decision addresses issues arising from a Rectified Assessment Order dated October 10, 2023, which was passed by the Assessing Officer under sections 143(3) and 154 of the Income Tax Act, 1961.

Background of Tax Dispute

The original tax dispute stemmed from the Assessing Officer's decision to raise a demand of ₹9.16 crore for Assessment Year 2020-21. This demand was based on an addition of ₹3.44 crore under Section 14A of the Income Tax Act, read with Rule 8D of the Income Tax Rules, 1962. The company had challenged this assessment through the appellate process, first approaching the Commissioner of Income Tax (Appeals), and subsequently the Income Tax Appellate Tribunal.

Financial Implications

The ITAT's favorable ruling carries significant positive financial implications for Panacea Biotec. The tribunal's order effectively results in complete deletion of the disallowances of expenses amounting to ₹3.44 crore as well as cancellation of the entire demand of ₹9.16 crore previously raised by the Assessing Officer. This provides substantial financial relief to the pharmaceutical company and removes the contested tax burden from its books.

Regulatory Compliance and Disclosure

Panacea Biotec has disclosed this development in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made pursuant to Para B of Part A of Schedule III of the SEBI LODR Regulations, ensuring transparency with stakeholders regarding material developments in ongoing litigation matters.

The comprehensive disclosure includes detailed annexure providing all requisite information as per SEBI Master Circular and Industry Standards, demonstrating the company's commitment to regulatory compliance and stakeholder transparency.