Filed appeal against fourth industrial tribunal award; High Court grants interim relief

Panacea Biotec has filed an appeal in the Punjab and Haryana High Court against the fourth and final award from the Industrial Tribunal in Mohali. The awards set aside the transfer of 23 workmen, granted wage revision, and ordered reinstatement with 50 percent back wages from 2014. The High Court has already heard the earlier three appeals and directed that no coercive steps be taken against the company. The company believes the awards are challengeable and does not expect any material adverse impact on its finances or operations.