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Astron Paper Schedules EGM for March 19 to Appoint New Statutory Auditors
Astron Paper & Board Mill Limited has convened an Extraordinary General Meeting (EGM) on March 19, 2026, to seek shareholder approval for critical governance changes. The primary agenda includes the appointment of M/s. H K Shah & Co. as Statutory Auditors to fill a casual vacancy following the resignation of M/s. SNDK & Associates LLP on December 23, 2025. Additionally, the company is seeking to regularize Ms. Jankiben Patel as an Independent Director for a five-year term. These steps are essential for the company to maintain regulatory compliance and ensure continuous oversight of its financial reporting.
Key Highlights
Extraordinary General Meeting (EGM) scheduled for March 19, 2026, at 2:00 PM via Video Conferencing.
Proposed appointment of M/s. H K Shah & Co. as Statutory Auditors to fill the vacancy until the 16th AGM.
Regularization of Ms. Jankiben Patel as an Independent Director for a 5-year term ending December 22, 2030.
The auditor vacancy was triggered by the resignation of M/s. SNDK & Associates LLP effective December 23, 2025.
The meeting will be conducted entirely through VC/OAVM mode as per MCA and SEBI circulars.
💼 Action for Investors
Investors should take note of the change in statutory auditors and ensure they participate in the e-voting process to approve the new management appointments. While auditor changes are a standard procedure to fill vacancies, shareholders should monitor for any specific reasons disclosed regarding the previous auditor's resignation.
Astron Paper Q3 Results: Consolidated Net Loss of ₹505.52 Lakhs Amid Ongoing IBC Proceedings
Astron Paper & Board Mill reported a consolidated revenue of ₹144.71 Lakhs for the quarter ended December 31, 2025, a marginal increase from ₹137.00 Lakhs in the same period last year. The company posted a net loss of ₹505.52 Lakhs for the quarter, significantly impacted by finance costs of ₹409.91 Lakhs which exceed its total revenue. Critically, the company is currently undergoing insolvency proceedings under the IBC and SARFAESI Act, with secured lenders having taken symbolic possession of certain assets. Furthermore, the company is facing regulatory non-compliance due to the vacant position of Company Secretary.
Key Highlights
Consolidated revenue from operations stood at ₹144.71 Lakhs for Q3 FY26.
Net loss for the quarter was ₹505.52 Lakhs, narrowing from a loss of ₹2,794.90 Lakhs in Q3 FY25.
Finance costs of ₹409.91 Lakhs represent a massive overhead compared to the quarterly revenue of ₹144.71 Lakhs.
The company is undergoing proceedings under the Insolvency and Bankruptcy Code (IBC), 2016.
Secured lenders have taken symbolic possession of certain company assets under the SARFAESI Act, 2002.
💼 Action for Investors
Investors should exercise extreme caution as the company is in insolvency proceedings and facing severe financial distress. The high finance costs and ongoing legal actions under IBC and SARFAESI make this a highly speculative and risky asset.
Astron Paper Reports Q3 Net Loss of ₹505 Lakhs; Continues Under IBC Proceedings
Astron Paper & Board Mill reported a consolidated net loss of ₹505.52 lakhs for the quarter ended December 31, 2025, showing a reduction in losses compared to ₹2,794.90 lakhs in the previous year's quarter. However, revenue from operations remains critically low at just ₹144.71 lakhs, indicating severe operational distress. The company is currently undergoing Insolvency and Bankruptcy Code (IBC) proceedings, with secured lenders taking symbolic possession of certain assets under the SARFAESI Act. Furthermore, the company is facing regulatory non-compliance issues, including a vacant Company Secretary position.
Key Highlights
Consolidated net loss narrowed to ₹505.52 lakhs in Q3 FY26 from a loss of ₹2,794.90 lakhs in Q3 FY25.
Quarterly revenue from operations stood at a meager ₹144.71 lakhs, reflecting a collapse in business scale.
Company is undergoing IBC proceedings and SARFAESI enforcement actions by secured lenders.
Finance costs of ₹409.91 lakhs on a consolidated basis continue to weigh heavily on the financial health.
Board seeking shareholder approval via postal ballot for the appointment of statutory auditors and an independent director.
💼 Action for Investors
Investors should avoid this stock as the company is in insolvency proceedings and its operational viability is under significant threat. The ongoing legal actions and symbolic possession of assets by lenders make it a high-risk situation with potential for total capital loss.
Astron Paper Q3 Net Loss at ₹5.06 Cr; Company Faces IBC and SARFAESI Actions
Astron Paper & Board Mill reported a consolidated net loss of ₹505.52 lakhs for Q3 FY26, a reduction from the ₹2,794.90 lakhs loss in the same quarter last year. Revenue from operations was extremely low at ₹144.71 lakhs, indicating a significant scale-down in business activities. The company is currently undergoing Insolvency and Bankruptcy Code (IBC) proceedings, and secured lenders have already taken symbolic possession of certain assets under the SARFAESI Act. Additionally, the company is facing regulatory non-compliance due to a vacant Company Secretary position.
Key Highlights
Consolidated net loss for the quarter ended December 31, 2025, stood at ₹505.52 lakhs.
Revenue from operations was minimal at ₹144.71 lakhs compared to ₹9,534.44 lakhs in the 9-month period of the previous year.
Company is undergoing IBC, 2016 proceedings and enforcement actions under the SARFAESI Act, 2002.
Secured lenders have taken symbolic possession of certain company assets.
Board approved a postal ballot for the appointment of M/s H K Shah & Co. as Statutory Auditors to fill a casual vacancy.
💼 Action for Investors
Investors should exercise extreme caution as the company is in insolvency proceedings and lenders have initiated asset recovery. The risk of total equity erosion is high in IBC cases, making this a high-risk situation for retail shareholders.
Astron Paper Faces E-Auction of Assets for ₹83.07 Crore Debt Recovery
Union Bank of India, leading a consortium of five banks, has issued an e-auction notice for the secured assets of Astron Paper & Board Mill Limited to recover outstanding dues of ₹83.07 Crores. The auction, scheduled for March 13, 2026, includes the company's offices in Ahmedabad and critical manufacturing assets like plant and machinery at its Halvad and Bhuj sites. This action under the SARFAESI Act, 2002, follows a default on secured debt and signifies severe financial distress. The potential loss of core production facilities poses a significant threat to the company's operational continuity.
Key Highlights
Total secured debt outstanding stands at ₹83,07,09,943.13 as of December 31, 2025.
Lender consortium includes Union Bank of India, Bank of Maharashtra, ICICI Bank, Axis Bank, and SBM.
E-auction is scheduled for March 13, 2026, between 12:00 PM and 05:00 PM.
Assets under auction include two offices in Ahmedabad and industrial land/machinery in Halvad and Bhuj.
Recovery action is being taken under the provisions of the SARFAESI Act, 2002.
💼 Action for Investors
Investors should be extremely cautious as the liquidation of core manufacturing assets indicates a high risk of insolvency and operational shutdown. It is recommended to evaluate the impact of these asset sales on the company's ability to remain a going concern.
Statutory Auditor Resigns from Astron Paper Subsidiary Citing Lack of Management Cooperation
M/s SNDK & Associates LLP has resigned as the Statutory Auditor of Balaram Papers Private Limited, a wholly-owned subsidiary of Astron Paper & Board Mill Limited, effective December 31, 2025. In their resignation letter, the auditors explicitly stated that the management failed to provide adequate and proper documents and audit evidence despite multiple requests. The firm also cited increased regulatory burdens and time constraints as reasons for their inability to continue. Such resignations, particularly those citing a lack of information, are significant red flags regarding corporate governance and internal controls.
Key Highlights
M/s SNDK & Associates LLP resigned as Statutory Auditor of Balaram Papers Pvt Ltd effective December 31, 2025.
The auditor cited management's failure to provide adequate audit evidence and documents in a timely manner as a primary reason.
Balaram Papers Private Limited is a 100% wholly-owned subsidiary of the listed entity Astron Paper & Board Mill Limited.
The resignation letter highlights that the firm could no longer devote appropriate time to comply with quality standards and statutory reporting provisions.
💼 Action for Investors
Investors should exercise high caution as auditor resignations due to non-cooperation from management are serious governance concerns. It is advisable to wait for further clarification or the appointment of a reputed new auditor before making new commitments.
Astron Paper Subsidiary Repays Canara Bank Dues and Regains Possession of Assets
Astron Paper & Board Mill Limited's wholly-owned subsidiary, Balaram Paper Private Limited, has successfully repaid its outstanding dues to Canara Bank. Following this repayment, the bank issued a No Dues Certificate on December 29, 2025, officially closing the credit facilities. The subsidiary has also regained physical possession of its land, plant, machinery, and inventories in Mehsana, Gujarat, which were previously under bank possession since October 11, 2025. This development clears the subsidiary's debt obligations and restores its operational assets.
Key Highlights
Wholly-owned subsidiary Balaram Paper Private Limited completed full repayment of dues to Canara Bank.
Received No Dues Certificate dated December 29, 2025, confirming closure of all credit facilities.
Regained physical possession of immovable property and machinery in Mehsana, Gujarat, on December 31, 2025.
Assets recovered include land at Survey No. 258, plant, machinery, and inventories previously held under a possession notice.
💼 Action for Investors
Investors should view this as a positive step toward balance sheet deleveraging and asset recovery. Monitor the company for updates regarding the resumption of operations at the recovered facility.
Astron Paper Subsidiary Balaram Papers Repays Canara Bank Dues, Regains Asset Possession
Astron Paper's wholly-owned subsidiary, Balaram Paper Private Limited, has successfully repaid all outstanding dues to Canara Bank. Following this repayment, the bank issued a No Dues Certificate on December 29, 2025, and returned physical possession of the subsidiary's assets on December 31, 2025. These assets include immovable property in Mehsana, Gujarat, along with plant, machinery, and inventories that were previously under bank possession since October 11, 2025. This move strengthens the subsidiary's balance sheet and allows for the potential resumption of operations at the site.
Key Highlights
Balaram Paper Private Limited completed full repayment of outstanding dues to Canara Bank's Asset Recovery Management Branch.
Received No Dues Certificate dated December 29, 2025, confirming closure of all credit facilities.
Regained physical possession of Mehsana property, plant, machinery, and inventory on December 31, 2025.
The assets were previously under bank possession since October 11, 2025, following a possession notice.
💼 Action for Investors
Investors should monitor for any announcements regarding the restart of production at the Balaram Paper unit, as asset recovery is a key step toward operational recovery. The debt clearance significantly improves the company's credit profile.
Astron Paper to Sell Property for Debt Repayment; Office Shifted After Union Bank Sealing
Astron Paper & Board Mill Limited has announced the sale of freehold property in Halvad to settle bank dues and statutory payments, indicating liquidity pressure. The company's registered office has been shifted to a new location in Ahmedabad after the previous premises were sealed by Union Bank. Additionally, the Board approved the appointment of M/s H K Shah & Co. as Statutory Auditors and Ms. Jankiben Patel as an Independent Director. These developments suggest the company is undergoing significant financial and operational restructuring under duress.
Key Highlights
Sale of freehold plots at Umiya Township, Halvad, to fund bank and statutory payment requirements
Registered office shifted to Sola, Ahmedabad, following the sealing of the previous office by Union Bank
Appointment of M/s H K Shah & Co. as Statutory Auditors, subject to shareholder approval
Appointment of Ms. Jankiben Patel as an Independent Director (DIN: 09183490)
Board meeting concluded at 01:50 P.M. on December 23, 2025
💼 Action for Investors
Investors should exercise extreme caution as the sealing of the office by a bank and the sale of assets to meet liabilities are major red flags regarding the company's solvency. Closely monitor further disclosures regarding debt settlements and the company's ability to maintain operations.
Canara Bank Issues E-Auction Notice for Assets of Astron Paper's Subsidiary Balaram Papers
Canara Bank has issued an e-auction sale notice for the assets of Balaram Papers Private Limited, a wholly-owned subsidiary of Astron Paper & Board Mill Limited. The auction involves the sale of plant, machinery, and approximately 10,217 sq. mtrs of industrial land located in Mehsana, Gujarat. This action is being taken under the SARFAESI Act, 2002, which typically follows a default in loan repayments. The parent company is currently evaluating legal implications and potential next steps to address the recovery action.
Key Highlights
Canara Bank issued an E-auction sale notice dated November 21, 2025, for subsidiary Balaram Papers.
Assets include plant, machinery, and 10,217 sq. mtrs of NA industrial land in Ganeshpura, Mehsana.
Action initiated under the SARFAESI Act, 2002, and Security Interest (Enforcement) Rules, 2002.
Balaram Papers Private Limited is a 100% wholly-owned subsidiary of Astron Paper & Board Mill Limited.
The company is seeking legal advice to evaluate the implications of this asset recovery action.
💼 Action for Investors
Investors should exercise extreme caution as the auction of core assets indicates severe financial distress or debt default at the subsidiary level. Monitor the company's ability to settle dues or obtain a stay order to prevent the loss of these manufacturing assets.
Astron Paper: Canara Bank E-auction Notice for Subsidiary Balaram Papers
Canara Bank has issued an E-auction sale notice dated 21.11.2025 regarding assets of Balaram Papers Private Limited, a wholly-owned subsidiary of Astron Paper & Board Mill Limited. The auction is under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The properties include plant and machinery and NA Land located at Revenue Survey No. 258 in Mehsana. Astron Paper is evaluating the implications and will take legal steps.
Key Highlights
E-auction sale notice issued by Canara Bank on 21.11.2025
Assets of Balaram Papers Private Limited to be auctioned
Property located at Revenue Survey No. 258 in Mehsana
Land area is about -10217 sq. mtrs
💼 Action for Investors
Investors should closely monitor Astron Paper's response to the auction notice and assess the potential financial impact on the company. Review company updates for further information.