Panabyte technologies Limited has announced securing a substantial work order from Mahindra & Mahindra Limited worth ₹11,62,742.50 for advanced face recognition technology solutions. The company disclosed this development to BSE Limited under Regulation 30 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.

Order Details and Scope

The comprehensive contract involves the supply, installation, testing and commissioning of face recognition devices specifically designed for access control and time attendance systems. This domestic order represents a significant business opportunity for Panabyte Technologies, demonstrating the company's capabilities in biometric security solutions.

Strategic Significance

The order from Mahindra & Mahindra Limited, a leading automotive manufacturer, reflects the growing demand for advanced biometric security solutions in industrial applications. Panabyte Technologies expressed gratitude for the trust and confidence placed by such a renowned organization in their technological capabilities.

Regulatory Compliance

The company has fulfilled all disclosure requirements under the SEBI Listing Regulations, providing comprehensive details as mandated by SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015, and subsequent regulatory guidelines. The disclosure confirms that this contract does not involve any related party transactions and maintains arm's length dealing principles.

Execution Framework

The project encompasses a complete turnkey solution including supply, installation, testing and commissioning of face recognition devices. The one-month execution timeline demonstrates the company's commitment to efficient project delivery and customer satisfaction. This order strengthens Panabyte Technologies' position in the biometric security solutions market and showcases its ability to serve large corporate clients with sophisticated technology requirements.

Panabyte Technologies Limited has reported a violation of its Code of Conduct under SEBI (Prohibition of Insider Trading) Regulations, 2015 by its Non-Executive Non-Independent Director Narayan Das Mundhra. The company filed the violation report with BSE Limited on December 17, 2025, following delayed disclosure of share disposal transactions.

Transaction Details and Violation

Mundhra disposed of a total of 28,601 equity shares through open market transactions across four trading days between December 8-11, 2025, but failed to intimate the company within the required two trading days as mandated under Regulation 7 of SEBI regulations.

The director provided intimation to the company on December 16, 2025, which was subsequently reported to the stock exchange on December 17, 2025, constituting a clear violation of the mandatory disclosure timeline.

Shareholding Pattern Changes

Prior to these transactions, Mundhra held 117,000 equity shares, representing 1.75% of the company's total share capital. Following the disposal, his holding reduced significantly to 88,399 equity shares, constituting 1.32% of total share capital.

Penalty and Disciplinary Action

Based on the written explanation received from the director, who cited inadvertent oversight and failure to prioritize regulatory compliance amid personal and professional exigencies, the company has taken decisive action. A penalty of ₹52,607, representing 5% of the transaction amount, has been imposed and is to be deposited in the Investor Protection and Education Fund (IPEF) administered by SEBI.

Regulatory Compliance Framework

The violation report was filed in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015 and the company's Code of Conduct for Regulating, Monitoring and Reporting of Trading by Insiders. The company confirmed that all transactions were executed when the trading window was open and the director was not in possession of any unpublished price sensitive information at the time of transactions.

Panabyte Technologies Limited maintains an equity share capital of ₹6.69 crores, comprising 66,90,000 shares of ₹10 each, with total diluted share capital of ₹7.04 crores. The company has emphasized strict adherence to all SEBI regulations going forward to prevent future violations.