Astron Paper & Board Mill Limited has disclosed that Canara Bank's Asset Recovery Management Branch has issued an e-auction sale notice dated November 21, 2025, for assets belonging to its wholly-owned subsidiary, Balaram Papers Private Limited, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.

E-Auction Notice Details

The bank has initiated the e-auction process under the provisions of the SARFAESI Act, 2002 read with the Security Interest (Enforcement) Rules, 2002. The notice targets specific assets of the subsidiary company for recovery purposes.

Assets Subject to Auction

The properties scheduled for e-auction include:

The industrial property encompasses approximately 10,217 square meters of land designated for industrial purposes, along with the plant and machinery installed on the premises.

Company's Response and Legal Compliance

Astron Paper & Board Mill Limited has stated that it is currently evaluating the implications of this e-auction notice. The company plans to take appropriate steps based on legal advice received regarding the matter.

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has duly informed both the National Stock Exchange of India Ltd and BSE Limited about this development to keep stakeholders informed.

Market Implications

This e-auction notice under the SARFAESI Act indicates potential loan default issues at the subsidiary level. The Act empowers banks and financial institutions to auction properties for loan recovery in cases of default. Investors should monitor further developments as this situation could impact the company's financial position and subsidiary operations.

Astron Paper & Board Mill Limited , a company listed on the Indian stock exchanges, has announced the resignation of its statutory auditors, SNDK Associates LLP, effective November 14, 2025. This development comes amidst growing regulatory pressures and concerns over the timely availability of audit evidence.

Key Points of the Auditor Resignation

• Resignation Date: November 14, 2025
• Auditor: SNDK Associates LLP (Firm Registration No. W100060)
• Reasons Cited:
  1. Increased regulatory obligations
  2. Time constraints
  3. Lack of timely availability of audit evidence from management

Impact and Company Response

The company has accepted the auditors' resignation, and the Audit Committee has taken note of the development. Astron Paper & Board Mill Limited has assured stakeholders that it is initiating steps to fill the casual vacancy in accordance with the provisions of the Companies Act, 2013.

Auditor's Statement

In their resignation letter, SNDK Associates LLP highlighted several key points:

1. Continuous amendments in reporting and disclosure requirements under various statutes have increased the complexity and time demands of the audit process.
2. The firm cited challenges in obtaining sufficient appropriate audit evidence and timely information from the company's management.
3. The auditors confirmed the completion of the limited review for the financial results of the quarter and half-year ended September 30, 2025.

Regulatory Compliance

In compliance with SEBI Circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019, Astron Paper & Board Mill Limited has made the following disclosures:

This change in auditors raises questions about the company's internal processes and its ability to meet the increasing demands of regulatory compliance. Investors and stakeholders will likely be watching closely to see how Astron Paper & Board Mill Limited addresses these concerns and appoints new auditors to ensure continued transparency and compliance with regulatory requirements.

As the situation develops, it will be crucial for the company to maintain open communication with its stakeholders and take swift action to address any underlying issues that may have contributed to the auditors' resignation.