Transgene Biotek discloses BIRAC claim and penalty notice

Transgene Biotek Limited said the National Company Law Tribunal, or NCLT, dismissed Babaji Netralayya Pvt Ltd’s petition on 5 November 2026, but the company also received a BIRAC-related tribunal notice that day and a notice on 6 November concerning a possible Section 65 penalty. The disclosures accompanied results approved on 13 November 2026.

What did NCLT decide in the Babaji Netralayya case?

The NCLT Hyderabad dismissed the petition filed by Babaji Netralayya Pvt Ltd against Transgene Biotek on 5 November 2026. The company said management was pleased with the dismissal, which resolves that particular petition at the tribunal level disclosed in its 13 November 2026 results. The filing does not state the petition’s claim amount, legal grounds or whether the order can be challenged.

The dismissal did not end Transgene Biotek’s immediate engagement with the tribunal. The company said it received a notice on 6 November 2026, issued on the tribunal’s instructions, concerning the possibility of a penalty under Section 65 of the Code. Management said it was responding suitably and preparing to defend the matter further if needed, without quantifying a possible penalty or identifying a provision for it.

What is the new BIRAC petition against Transgene Biotek?

BIRAC has filed a petition before the NCLT Hyderabad bench claiming outstanding interest from Transgene Biotek, according to the company’s 13 November 2026 disclosure. The company said it came to know of the petition, which was said to have come up for hearing on 25 September 2026. The filing does not disclose the principal amount, interest rate, disputed period or total amount BIRAC is seeking.

A tribunal notice in the BIRAC matter was served on Transgene Biotek on 5 November 2026, following the NCLT’s direction, the company said. Management said it had taken steps to defend the petition. The BIRAC notice and the Babaji Netralayya dismissal therefore occurred on 5 November 2026, while the Section 65 notice arrived one day later, on 6 November 2026.

Could Transgene Biotek face a Section 65 penalty?

Transgene Biotek disclosed a notice about the possibility of a Section 65 penalty, not an imposed penalty, as of 13 November 2026. The company described the 6 November 2026 notice as being served on the instructions of the same tribunal that dismissed the Babaji Netralayya petition on 5 November 2026. It did not disclose the alleged conduct, amount at risk or a hearing date for the notice.

Management’s disclosed response is procedural rather than a stated outcome: it is responding to the notice and preparing a defence if needed. That separates the completed Babaji Netralayya dismissal from the unresolved potential penalty process. No amount in the consolidated financial statements at 30 September 2026 is identified as a provision for this specific notice.

Which other proceedings remain unresolved for Transgene Biotek?

Transgene Biotek reported that its Securities Appellate Tribunal, or SAT, matter had hearings on 23 September, 16 October and 29 October 2026, but had not reached finality by the 13 November 2026 results date. The filing does not state the relief sought, monetary exposure or the next SAT hearing. This proceeding is separate from the two NCLT-related developments disclosed in November.

The company also said an Appellate Tribunal matter involving the Enforcement Directorate, New Delhi, was listed on 2 November 2026 and adjourned to 12 January 2027. Separately, Transgene Biotek has appealed an 8 July 2026 order directing payment of Rs 92.99 lakh plus interest at 6% a year on the principal amount in the Bombay High Court Commercial Division. The company said it was waiting for that hearing to commence, while its Customs and Excise Department matter had seen no further development since the previous board meeting.

How do the proceedings sit beside Transgene Biotek’s reported position?

Transgene Biotek reported consolidated non-current provisions of Rs 115.22 crore at 30 September 2026, unchanged from 31 March 2026. Because the filing does not link those provisions to BIRAC, Babaji Netralayya or the Section 65 notice, they cannot be treated as amounts reserved for these specific matters. Consolidated equity was Rs 7.64 crore at 30 September, down from Rs 8.38 crore at 31 March 2026.

Consolidated borrowings were Rs 17.79 crore at 30 September 2026, compared with Rs 17.14 crore at 31 March 2026, comprising Rs 7.22 crore of non-current borrowings and Rs 10.57 crore of current borrowings. Cash and cash equivalents were Rs 5.32 lakh at 30 September 2026. The company’s half-year consolidated loss was Rs 73.43 lakh for the period ended 30 September 2026, compared with Rs 82.21 lakh in the corresponding previous-year period.

Conclusion

The filing presents contrasting NCLT developments: Transgene Biotek obtained dismissal of the Babaji Netralayya petition on 5 November 2026, while disclosing a BIRAC petition for outstanding interest and a subsequent notice on a possible Section 65 penalty. The dismissal is a stated outcome, but the BIRAC claim and penalty process remain unresolved, with neither amount quantified in the disclosure.

The next disclosed date to watch is 12 January 2027, when the Appellate Tribunal matter involving the Enforcement Directorate is scheduled to resume after adjournment. Investors can also watch for any NCLT hearing, order or quantified demand concerning BIRAC’s interest claim or the Section 65 notice, as Transgene Biotek said management is defending both matters.