Panel Backcolor Transparent issue. - How to make Panel Transparent

[ishrar]

Hello Guys,
Hope you are doing well..
I have attached an image. I have developed a project where user can do drawing and add images and kinda MSPaint or Photoshop. I have inherited all controls from Panel.
After lot of work on project I have an issue that I have form(or any container/parent) with background image. After that I will add one Panel with background color orange.

Now I have a Form with background image and a panel with back color. Over that Panel1(Parent is Form) I have one more panel (Panel2) where I want to set Transparency so It should show Panel1 from it but instead of that it shows Form Background.

If you still not understood here are steps.
Form1 : Background Image=Image1
Added Panel1 with Backcolor = Orange, Panel1.Parent=Form1, Panel1.Left= 200,Panel1.Top=200, Panel1.width= 400,Panel1.height=120
Added Panel2 with Backcolor = Transparent, Panel2.Parent=Form1, Panel2.Left=300, Panel2.top=20, Panel2.Height =500, Panel2.width =120


My Question is How can I see Objects behind the Transparent Panel when Transparent Panel shows Parent's Backcolor/image.