Panacea Biotec founder and chairman Soshil Kumar Jain dies

Panacea Biotec Ltd founder and chairman Soshil Kumar Jain died on Friday.

According to a regulatory filing by the company, Jain (89), who had been admitted to the Medanta Hospital for the last ten days, suffered a cardiac arrest on Friday afternoon.

Informing BSE about his demise, Panacea Biotec said, "Soshil Kumar Jain's sudden and unexpected passing away will be an irreparable loss to the company."

The directors and employees convey deep sympathy, sorrow and condolences to his bereaved family members, it added.

The patriarch of promoter family of Panacea Biotec Ltd, Jain had founded the company in 1984 as Panacea Drugs Pvt Ltd, and when the company was publicly listed on Indian stock exchanges in September 1995, its name changed to Panacea Biotec Ltd. It is among the major vaccine manufacturing companies in the country.