Astron Paper & Board Mill Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Demand Notice'.
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Awaiting price reaction for this filing.
Astron Paper & Board Mill has received two demand notices from the Income Tax Department under Section 156 of the Income-Tax Act, 1961, totalling about Rs. 73 crore (Rs. 7.73 crore for AY 2020-21 and Rs. 65.29 crore for AY 2021-22). The demand arises from search and seizure proceedings earlier conducted under Section 132 of the Income Tax Act. The notices were received on 24 March 2025 and are being disclosed to the stock exchanges as required under Regulation 30 listing rules. The company has stated there is no material impact on its financials, operations, or other activities and is evaluating the demand to decide on further action.
The total demand of ~Rs. 73 crore is sizeable relative to a small-cap paper company and could create short-term uncertainty, but management is downplaying material impact. Investors should watch for further updates on whether the company files an appeal or obtains a stay, as the actual financial outcome is yet to be determined.