Rajesh Jain HUF has filed an exemption application with the Securities and Exchange Board of India (SEBI) regarding the acquisition of 2,00,000 equity shares in Panacea Biotec Limited. The shares were acquired through an inter-se transfer by way of gift from Dr. Rajesh Jain, a promoter of the company, on June 12, 2026. The acquirer, Dr. Rajesh Jain in his capacity as Karta of Rajesh Jain HUF, submitted the report under Regulation 10(7) of the SEBI (Substantial Acquisition of Shares & Takeover) Regulations, 2011 on July 8, 2026, to claim the exemption provided under Regulation 10(1)(a)(ii).

The transaction involves the transfer of shares from a promoter to a member of the promoters' group without any consideration. Following the acquisition, the shareholding of Rajesh Jain HUF in the target company stands at 0.09%, while the shareholding of Dr. Rajesh Jain has reduced from 13.57% to 13.48%. The requisite fee of ₹1,50,000 plus applicable Goods and Services Tax was paid via NEFT on July 9, 2026.

The application confirms that the acquirer and seller have been named promoters in the shareholding pattern filed by the target company. As the acquisition falls under the general exemptions of Regulation 10(1)(a)(ii), the provisions requiring a 60-day Volume Weighted Average Price (VWAP) and a valuation report from an independent registered valuer were not applicable. The 60-day VWAP for the shares was recorded at 387.37.

Compliance with the relevant regulations was maintained, including the submission of reports to the stock exchanges before the proposed acquisition date. The report filed on June 5, 2026, and June 15, 2026, ensured adherence to Regulation 10(5) and 10(6) respectively. Since the acquirer's total shareholding post-acquisition is 0.09%, there is no obligation to file disclosures under Regulation 29 of the SEBI SAST Regulations.

Acquisition Details

Panacea Biotec has filed appeals before the Hon'ble High Court of Punjab and Haryana, Chandigarh, challenging three awards issued by the Industrial Tribunal, S.A.S. Nagar, Mohali. The company submitted these appeals on July 06, 2026, contesting the tribunal's directives regarding workmen reinstatement and compensation. The company is also preparing to file an appeal against the remaining fourth award and will update the stock exchanges in due course.

The awards, dated March 19, 2026, and received by the company on April 9, 2026, directed Panacea Biotec to set aside the transfer of 23 workmen and grant them full back wages from the date of transfer. Furthermore, the tribunal ordered a reasonable wage revision for the workmen and reinstated workers—with the exception of those who had settled the dispute—along with 50% back wages from the date of termination. These orders are applicable from 2014 onwards.

In its disclosure to the exchanges, Panacea Biotec stated that based on its legal position and opinion, it believes the awards are challengeable. The company asserted that it does not foresee any material adverse impact on its financial, operational, or other activities arising from these awards. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The appeals follow the company's initial intimation to the exchanges on April 10, 2026, regarding the receipt of the four awards. The legal action represents the company's response to the tribunal's rulings on labor disputes involving its workforce.

Details of the Awards