E-voting for the fourth Committee of Creditors (CoC) meeting of Astron Paper & Board Mill Ltd commenced on Friday, September 11, 2026, at 5:00 pm. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP).

The voting window remains open until Tuesday, September 15, 2026, at 5:00 pm. This process allows CoC members to cast votes on resolutions placed before them in accordance with the Insolvency and Bankruptcy Code, 2016.

Meeting Adjournment Details

The fourth CoC meeting was originally scheduled for Wednesday, September 2, 2026. However, it was adjourned on Tuesday, September 9, 2026, at 4:00 pm, based on requests received from CoC members.

The e-voting mechanism was initiated to facilitate member participation following this rescheduling. The Corporate Debtor’s management and affairs are being conducted under the supervision of the Resolution Professional as per IBC provisions.

Regulatory Context

The CIRP for Astron Paper & Board Mill Ltd began on May 11, 2026, pursuant to an order by the National Company Law Tribunal (NCLT). The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Atul Sheth serves as the Deemed Resolution Professional for the process.

Astron Paper & Board Mill Limited , currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, has released its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The Interim Resolution Professional (IRP), Shri Atul Sheth, approved the results at a meeting held on May 30, 2026, commencing at 8:00 p.m. and concluding at 10:30 p.m. The statutory auditors, M/s H K Shah & Co., Chartered Accountants (FRN: 109583W), issued a Disclaimer of Opinion on both the standalone and consolidated financial results, citing multiple material uncertainties including the company's going concern status, unconfirmed bank balances, and significant unresolved liabilities.

Standalone Financial Performance

The company's standalone financials reflect a sharp deterioration in operations. Revenue from operations collapsed to ₹279.28 Lac for the full year, compared to ₹9,594.61 Lac in the prior year, as both manufacturing plants — at Halvad (shut since September 8, 2024) and Bhuj — remained non-operational throughout the period. The following table summarises the key standalone financial results:

Finance costs for the full year stood at ₹1,131.41 Lac, while depreciation and amortisation expenses amounted to ₹624.97 Lac. No current tax, MAT credit, or deferred tax was recognised for FY26 on a standalone basis.

Standalone Balance Sheet Highlights

The standalone balance sheet as at March 31, 2026 reflects a significantly stressed financial position. Total assets declined to ₹20,747.11 Lac from ₹22,018.35 Lac a year earlier, while total equity fell to ₹8,038.38 Lac from ₹9,983.67 Lac. Current liabilities of ₹10,905.33 Lac substantially exceeded current assets of ₹5,741.55 Lac, underscoring the liquidity strain.

Bank loan liabilities outstanding as at March 31, 2026 stood at ₹87.61 crores (including principal of ₹75.34 crores and provision for unpaid interest of ₹12.27 crores), all of which were declared NPA during FY 2024-25. Secured lenders have initiated recovery proceedings under the SARFAESI Act, including symbolic/physical possession of certain secured assets and e-auction proceedings for sale of secured assets.

Consolidated Financial Performance

The consolidated results, which include wholly owned subsidiary Balaram Papers Private Limited, reflect a similar trend. Consolidated revenue from operations for FY26 stood at ₹279.28 Lac against ₹9,622.78 Lac in FY25. The consolidated net loss for the year was ₹2,118.13 Lac.

Consolidated total assets stood at ₹20,334.51 Lac as at March 31, 2026, down from ₹21,703.81 Lac a year ago. Total consolidated equity declined to ₹6,809.81 Lac from ₹9,132.03 Lac, with the consolidated debt-to-equity ratio rising to 1.13 from 0.84.

Auditor's Disclaimer and Key Concerns

M/s H K Shah & Co. issued a Disclaimer of Opinion on both the standalone and consolidated financial results, stating they were unable to obtain sufficient appropriate audit evidence on multiple material matters. Key concerns highlighted by the auditors include:

• Bank loan defaults: Total outstanding dues to banks as at March 31, 2026 were ₹87.61 crores; all bank loan accounts were declared NPA in FY 2024-25.
• Going concern: The auditors concluded that the financial results should have been prepared on a non-going concern basis, given plant shutdowns, substantial cash losses, and inability to resume operations.
• Unrecognised provisions: No provision was made for export trade receivables of ₹1.60 crores outstanding since long, nor for Expected Credit Loss on other receivables as required under Ind-AS 109.
• Subsidiary loans: Loans of ₹28.66 crores extended to wholly owned subsidiary Balaram Papers Private Limited were not recognised as impaired, despite the subsidiary being loss-making with negative net worth and non-operational plants.
• Investments in subsidiary: Investments of ₹4.04 crore in 40,35,000 equity shares of Balaram Papers Private Limited were not impaired, despite the subsidiary's deteriorating financial position.
• Inventory and PPE: No physical verification reports for inventories or Property, Plant and Equipment (PPE) were provided; no impairment test was applied on PPE as required under Ind-AS 36.
• Capital Work-in-Progress: ₹27.89 Lacs carried as Capital Work-in-Progress could not be evaluated for recoverability given suspended manufacturing operations.
• Bank statements: Bank statements and related confirmations for accounts as at March 31, 2026 were not provided, preventing verification of cash and bank balances.
• MAT Credit: Standalone results did not recognise MAT Credit Entitlement of ₹5.18 crore; consolidated results did not de-recognise MAT Credit Entitlement of ₹5.59 crore.
• Board composition: Majority of Independent Directors have resigned, resulting in non-compliance with Regulations 17 and 18 of SEBI LODR.

CIRP Status and Insolvency Proceedings

The Hon'ble National Company Law Tribunal (NCLT), Ahmedabad Bench, Court-II, vide its order dated May 11, 2026, admitted an application filed by an operational creditor under Section 9(5) of the IBC and initiated CIRP in respect of the company. Pursuant to the said order, the powers of the Board of Directors stand suspended and are being exercised by IRP Mr. Atul Jashwantrai Sheth (IBBI Registration No. IBBI/IPA-001/IP-P/02463/2021-22/13854). Since the IRP's appointment, possession of all assets has been taken by the IRP. The trading window for dealing in the company's securities will remain closed in accordance with SEBI (PIT) Regulations and will reopen 48 hours after the financial results are made public. The audited financial results are also available on the company's website at https://astronpaper.com/ .