Astron Paper & Board Mill Limited , a paper manufacturing company, has recently received a possession notice from Union Bank of India for multiple properties across Gujarat. This development comes as part of the bank's actions under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

Details of the Possession Notice

The possession notice, dated October 17, 2025, outlines the bank's intention to take control of nine properties owned by Astron Paper & Board Mill. These properties include factory lands, office spaces, and plots, totaling approximately 178,000 square meters. The affected assets are spread across various locations in Gujarat, including:

Company's Response

In response to this notice, Astron Paper & Board Mill has stated that it is currently evaluating the implications of this action. The company has indicated its intention to take appropriate legal steps based on the advice it receives.

Regulatory Compliance

The company has made this disclosure in compliance with Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. This regulation mandates listed entities to inform stock exchanges about material events that may affect their operations.

Impact on Stakeholders

While the full impact of this development remains to be seen, it could potentially affect the company's operations and financial position. Stakeholders, including investors and employees, will likely be watching closely for further updates from the company regarding its response to this situation and any potential impact on its business activities.

As the situation unfolds, more information may become available about the circumstances leading to this action by Union Bank of India and the company's strategy to address these challenges. Stakeholders are advised to stay informed about any further announcements from Astron Paper & Board Mill Limited or relevant regulatory bodies.

Astron Paper & Board Mill Ltd , a paper manufacturing company, has received a possession notice from a consortium of banks for multiple properties, signaling potential financial distress for the firm.

Possession Notice Details

The company disclosed that it received a possession notice dated September 23, 2025, from Union Bank of India and member banks including Axis Bank, ICICI Bank, Bank of Maharashtra, and State Bank of Mauritius. The notice was issued under the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act, 2002.

Properties Affected

The possession notice covers six properties totaling approximately 160,015 square meters in Village Sukhpar, Taluka Halvad, District Surendranagar. The affected properties include:

1. A plot of land at Survey No. 55, admeasuring 11,028 sq. meters
2. A plot of land at Survey No. 54, admeasuring 12,950 sq. meters
3. Land and building at Survey No. 52/1, 52/2, 53/1, 53/paiki 2, admeasuring 45,224 sq. meters
4. N.A. land at Survey No. 49 paiki 1 and Survey No. 50, admeasuring 30,049 sq. meters
5. Factory land at Survey No. 49 paiki 2, admeasuring 14,670 sq. meters
6. Factory land at Survey No. 51/1, 51/2, & 51/3, admeasuring 46,094 sq. meters

Company's Response

In its official communication to the stock exchanges, Astron Paper & Board Mill stated that it is evaluating the implications of this action. The company has indicated that it will take appropriate steps based on legal advice.

Regulatory Compliance

The disclosure of this possession notice was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation requires listed entities to inform the stock exchanges about material events that may affect their operations.

Implications for Stakeholders

This development raises concerns about Astron Paper & Board Mill's financial health and its ability to meet its debt obligations. Shareholders and other stakeholders will likely be watching closely for further updates on the company's plans to address this situation and its potential impact on operations.