Clarification letter in reference to Corporate Announcement dated 14/05/2025 regarding receipt of Demand notice from Income Tax Department by Balaram Papers Private Limited - a wholly owned subsidiary company
ASTRON · price
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Balaram Papers Pvt. Ltd., a wholly owned subsidiary of Astron Paper & Board Mill Limited, received a demand notice from the Income Tax Department. The subsidiary is explaining the delay in disclosing this to the stock exchanges (filed on 14/05/2025 instead of immediately). According to the clarification, the company's email was inaccessible due to server/technical issues until 5th May 2025. The Tax Auditor later brought the notice to management's attention via the Income Tax Portal. Additionally, the CS and Compliance Officer was on leave from 2nd May 2025 to 13th May 2025, and the intimation was filed upon her return. The company has requested the exchanges to condone the delay in disclosure.
Investors should note that Astron's subsidiary has an unresolved Income Tax demand, which could result in a financial liability. The delayed disclosure may also attract minor regulatory scrutiny, though the company is proactively seeking condonation.