Astron Paper & Board Mill Limited has notified stock exchanges about a significant development concerning its subsidiary's statutory auditors. The company informed BSE and NSE on January 21, 2026, regarding the resignation of M/s. SNDK & Associates LLP as statutory auditors of Balaram Papers Private Limited, its wholly owned subsidiary.

Auditor Resignation Details

The resignation became effective from December 31, 2025, when SNDK & Associates LLP formally submitted their resignation letter to Balaram Papers Private Limited. The auditing firm, registered under Firm Registration No. W100060, had been serving as the statutory auditors of the subsidiary company.

Reasons Behind the Resignation

SNDK & Associates LLP outlined several key factors that led to their decision to resign as statutory auditors. The firm highlighted the increasing complexity of regulatory compliance and the substantial time and cost implications of meeting evolving statutory requirements.

The primary concerns cited by the auditing firm include:

• Continuous amendments and updates in applicable statutes requiring dedicated attention and higher costs
• Increased compliance requirements with Auditing Standards and Regulations notified by ICAI
• Time constraints due to existing professional commitments preventing adequate attention to the company
• Most critically, inadequate provision of required documents and details by the company's management

Management Documentation Issues

The resignation letter specifically emphasized the auditing firm's concerns about the company's cooperation in providing necessary documentation. SNDK & Associates LLP stated that despite their communications and requests for required documents and details to carry out the audit of financial statements, the management of Balaram Papers Private Limited had not been able to provide adequate and proper details and documents in a timely manner.

This documentation issue appears to have been a decisive factor in the firm's decision to resign, as proper audit evidence and information are essential for statutory auditors to fulfill their professional obligations and maintain quality standards.

Regulatory Compliance

Astron Paper & Board Mill Limited has fulfilled its disclosure obligations under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's Managing Director, Kirit Patel (DIN: 03353684), signed the intimation letter that was submitted to both stock exchanges.

The resignation has been duly accepted by the company, and a copy of the resignation letter was enclosed with the stock exchange filing for reference. The company has requested the exchanges to take the information on record as required under regulatory provisions.

Astron Paper & Board Mill Limited has received confirmation from ICICI Bank Limited that its account will not be classified as fraud, providing significant relief to the company and its stakeholders.

Bank Communication Details

The company received official communication from ICICI Bank Limited dated November 26, 2025. The bank confirmed its decision after conducting a thorough review of the company's submissions and completing its internal assessment process.

Regulatory Compliance

Astron Paper & Board Mill Limited disclosed this development to both BSE Limited and National Stock Exchange of India Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made on January 21, 2026, and was signed by Managing Director Kirit Patel.

Stakeholder Communication

The company emphasized that this disclosure was made to keep stakeholders informed about the outcome of the proceedings. The positive resolution provides clarity regarding the company's banking relationship status and removes any uncertainty that may have existed regarding the account classification.

Management Statement

The communication was officially signed by Kirit Patel, Managing Director of Astron Paper & Board Mill Limited, with DIN 03353684. The disclosure demonstrates the company's commitment to transparency and regulatory compliance in keeping investors and stakeholders updated on material developments.