Rubicon Research Limited has informed stock exchanges about a significant tax demand notice received by its material step-down subsidiary AdvaGen Pharma Ltd, USA. The company disclosed this development in compliance with SEBI listing regulations on January 6, 2026.

Tax Demand Details

The subsidiary received a demand notice under Section 156 of the Income-Tax Act, 1961, from the office of Deputy Commissioner of Income Tax, Mumbai, on January 5, 2026. The notice details are summarized below:

Reason for Tax Demand

The substantial tax demand stems from the denial of a Double Taxation Avoidance Agreement (DTAA) exemption on income of ₹10.04 crores. The tax authority concluded that the 'Make Available' clause under the India-US DTAA was applicable to AdvaGen Pharma's case, resulting in the rejection of the exemption claim.

Company's Response Strategy

AdvaGen Pharma Ltd has outlined a two-pronged approach to address the tax demand:

• Appeal Filing: The subsidiary will file an appeal before the Income Tax Appellate Tribunal (ITAT)
• Stay Request: Parallel request to the Assessing Officer to stay the demand pending the ITAT decision
• Legal Confidence: Based on advice from tax advisors, the company believes its position is strong and remains confident about the merits of the case

Financial Impact

The expected financial implications on the listed company are equivalent to the total demand payable of ₹4,18,84,613. This represents a significant amount that could impact the subsidiary's financial position if the appeal is unsuccessful.

Regulatory Compliance

Rubicon Research Limited disclosed this information in compliance with Regulation 30(6) and 30(13) of SEBI Listing Regulations, along with relevant SEBI circulars. The company has declared that all information provided is true, correct, and complete to the best of their knowledge and belief.

Rubicon Research , a pharmaceutical company, has announced that its shareholders have approved all six resolutions proposed in a recent postal ballot. The voting, which concluded on December 7, 2025, was conducted through remote e-voting and saw strong support from shareholders.

Key Highlights

• All six resolutions passed with requisite majority
• Voting support ranged from 88.81% to 95.18% in favor
• Resolutions included approval of a promoter agreement and ratification of employee stock option plans

Voting Results

The strong shareholder support for these resolutions indicates confidence in the company's management and strategic direction. The approval of the promoter agreement and the ratification of employee stock option plans are particularly noteworthy, as they can have significant implications for the company's governance and employee incentive structures.

Company Financial Overview

While the postal ballot results are the primary focus of this news, it's worth noting Rubicon Research's recent financial position:

The company has shown significant growth in its balance sheet over the past year, with total assets increasing by 30.82% and total equity by 40.52%. This growth, coupled with the strong shareholder support in the recent postal ballot, may indicate a positive outlook for Rubicon Research.

The approval of these resolutions, particularly those related to employee stock options, may be seen as part of the company's strategy to align employee interests with company performance and shareholder value. As always, investors should conduct their own research and consider their individual financial situations before making investment decisions based on this information.