Brooks Laboratories Limited has announced significant developments regarding the composite scheme of arrangement involving its joint venture Brooks Steriscience Limited (BSL). The company provided this update to stock exchanges on March 6, 2026, following earlier communications about the proposed merger scheme.

Regulatory Approval Progress

The Board of Directors of BSL has formally acknowledged the receipt of no-objection and no adverse observation letters from both the National Stock Exchange of India Limited and BSE Limited for the proposed scheme. These regulatory approvals represent a crucial milestone in the merger process.

Scheme Details and Participants

The composite scheme of arrangement and amalgamation involves multiple entities in a complex merger by absorption structure. The scheme was initially approved by BSL's Board of Directors and communicated to stakeholders on September 26, 2025.

The participating entities in this arrangement include:

• Steriscience Specialties Private Limited
• Brooks Steriscience Limited
• Steriscience Pte. Limited
• Strides Pharma Services Private Limited
• OneSource Specialty Pharma Limited

Next Steps and Timeline

BSL's Board of Directors has decided to undertake an additional review process before proceeding with the formal application to the National Company Law Tribunal (NCLT). This strategic pause allows for thorough evaluation while maintaining compliance with regulatory requirements.

The review process will be completed within the six-month approval window granted by the stock exchanges, ensuring the company maximizes the available timeframe for due diligence while preserving the validity of regulatory approvals.

Corporate Governance

The update was formally communicated by Company Secretary and Compliance Officer Krutika Rane, demonstrating the company's commitment to transparent stakeholder communication throughout this significant corporate restructuring process.

Brooks Laboratories Limited has disclosed to stock exchanges that the Income Tax Appellate Tribunal (ITAT) has passed orders dismissing the company's appeals for multiple assessment years. The pharmaceutical company made this disclosure under Regulation 30 of the SEBI Listing Regulations on January 30, 2026.

ITAT Orders and Assessment Years

The Income Tax Appellate Tribunal, Chandigarh Bench, dismissed appeals filed by Brooks Laboratories for three specific assessment years. The company downloaded these orders from the ITAT online portal on January 30, 2026.

Background of Appeals

The company had originally filed these appeals against orders passed by the Commissioner of Income Tax (Appeals) and National Faceless Appeal Centre. In those earlier proceedings, Brooks Laboratories received partial relief while certain additions and disallowances were upheld by the tax authorities.

The ITAT has now upheld the orders of the Commissioner of Income Tax (Appeals) on all contested issues, resulting in the dismissal of the company's appeals for all three assessment years.

Financial and Operational Impact

Despite the unfavorable outcome of the appeals, Brooks Laboratories has assessed the impact on its business operations. The company has explicitly stated in its regulatory filing that there is no material impact on the financials, operations, or other activities of the company.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company provided detailed information as required under SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, ensuring full compliance with regulatory requirements for material event disclosures.