Son of late Shri Mahadeolal Saraogi, born at Calcutta, Shri Pannalal Saraogi graduated from Presidency College in 1939. After obtaining his Law Degree in 1942 from Calcutta University Law College he took to business and associated himself with various public activities. He served as Junior Vice- President (1946 to 1949) and Senior Vice- President (1950& 1951) of Bharat Chamber of Commerce, Calcutta and was elected its President in 1952 and again in 1953. He was nominated Member of West Bengal Legislative Council in 1952 and renominated in 1954 and in 1960 for terms of 6 years each. In the meantime he was elected to Rajya Sabha for a period of six years in March 1962 as a Congress Member. He was Executive Committee Member of Federation of Indian Chambers of Commerce & Industry for 6 years; Commissioner, Port of Calcutta for 4 years; Chairman, Bank of Bikaner Ltd. and Chairman/Director of various Companies in India.
Shri Saraogi was an exponent of progressive views of the business community in the Legislature and the Parliament and helped Government in matters relating to finance, commerce and industry. He was intimately associated with the Congress Organisation and party and was Chairman of Finance Sub-Committee of W.B.P.C.C. and Secretary of the Congress Legislature Party, West Bengal for quite a number of years.
He was associated with a number of Public bodies like Railways Advisory Committee, Telephone Advisory Committee, Indian Red Cross Society (West Bengal State Branch) etc. and served on different Boards and Committees of the Government of West Bengal and Central Government.
He had travelled far and wide in Europe and America.Shri Saraogi was also associated with various social and religious activities. He along with his brothers founded a trust in the sacred memory of his late father Mahadeolalji. The Trust is carrying on activities of social welfare at Rajgarh, Distt. Churu (Rajasthan), his native place, and at other places. He was an ardent follower of Acharya Shri Tulsiji and had rendered yeomen service to the Terapanthi Jain Samaj.
A premature end came to the life of such a brilliant person at the age of only 42 years. He left behind him his wife Smt. Satyawati Saraogi and a son and two daughters.