A twin Pioneer aircraft of the Scottish aviation Company carrying two observers, one from the IAF and the other from the Indian Airlines Corporation, crashed at Jorhat while taking off on an evaluation flight at about 1510 hours on 10th March 1960. It caught fire and set ablaze the surrounding vegetation. Lascar Panikar who was near the spot rushed inside the aircraft and led Sqn Ldr Hedge, the IAF observer, to safety. He also attempted to rescue Captain Wasim Pina, the other observer, who was trapped inside the aircraft. Disregarding his personal safety, Lascar Panikar entered the burning aircraft three times and despite the burns and injuries which he sustained due to the explosion of the fuel tanks, eventually rescued Captain Wasim Pina with the aid of an Army Sepoy.

Lascar Panikar showed great courage and initiative in bringing these two persons out of the burning aircraft and his gallant and selfless act, in complete disregard of his own safety, was in the best traditions of the Indian Air Force.