The Exchange had sought clarification from Astron Paper & Board Mill Limited for the quarter ended 31-Dec-2024 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: -1. Limited Review Report/ Independent Auditor's Report is not in the format prescribed by SEBI The response of the Company is enclosed.

NSE asked Astron Paper & Board Mill to clarify its Q3 FY25 results after the auditor flagged them as non-compliant. The statutory auditor SNDK & Associates LLP issued an Adverse Conclusion (not the unmodified opinion originally claimed in the Feb 14 board filing) because the company: (1) made no provision for gratuity (Ind AS 19) or Expected Credit Loss on old trade receivables of ~Rs 2.53 crores outstanding 4+ years; (2) gave Rs 28.66 crores of interest-free loans to its subsidiary Balaram Papers with no impairment provision despite an EGM decision to dispose of the subsidiary; (3) shut down its Halvad plant since Sept 8, 2024 with Bhuj and Mehsana plants also non-operational; (4) wrote down inventories by Rs 9.74 crores. Standalone Q3 revenue collapsed to Rs 136.26 lakhs (from Rs 3,567.45 lakhs in Q2) with a quarterly loss of Rs 2,618.71 lakhs and 9M FY25 loss of Rs 4,342 lakhs. Bank accounts have turned NPA, substantial tax demands are under litigation, and the auditor says going concern status is substantially affected though management is still reporting as a going concern.