Panacea Biotec - Outcome Of Board Meeting

Panacea Biotec Ltd has informed that the Board of Directors of the Company at its meeting held on May 15, 2007 revised the terms of remuneration of Mr. Soshil Kumar Jain, Chairman, Mr. Ravinder Jain, Managing Director, Mr. Rajesh Jain, Joint Managing Director, Mr. Sandeep Jain, Joint Managing Director and Mr. Sumit Jain, Director (Operations & Projects) of the Company by way of increase in remuneration with effect from April 01, 2007 and have also decided to make payment of commission on profits to Mr. Soshil Kumar Jain, Mr. Ravinder Jain, Mr. Rajesh Jain and Mr. Sandeep Jain for the year 2006-07 onwards. The payment of commission to the said Directors and increase in remuneration of Mr. Sumit Jain are subject to the approval of the Members in the forthcoming General Meeting of the Company as per the provisions of the Companies Act, 1956.