Astron Paper receives possession notice from Union Bank of India and other banks for company assets
The notice involves banks taking possession of significant land parcels and factory land, which are crucial assets for the company's operations. This could lead to severe operational disruptions and financial instability.
The company received a possession notice from a consortium of banks for its assets, indicating financial distress and potential loss of critical operational property.
* Astron Paper & Board Mill Limited (ASTRON) has received a possession notice dated 23 September 2025 from the Authorized Officer of Union Bank of India ARB, Ahmedabad. * The notice was issued on behalf of a consortium of member banks, including Axis Bank, ICICI Bank, Bank of Maharashtra, and State Bank of Mauritius. * This action has been taken under the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest (Second) Act, 2002 (SARFAESI Act). * The notice pertains to the secured creditors taking possession of multiple assets, including various plots of land and factory land located in village Sukhpar, Taluka Halvad, Dist Surendranagar. These assets include Survey No.55 (11028 sq mtrs), Survey No. 54 (12950 sq mtrs), Survey No. 52/1, 52/2, 53/1, 53/paiki 2 (45224 Sq mtrs), Survey No. 49 paiki 1 and Survey No.50 (30049 Sq mtrs), Factory land at Survey No.49 paiki 2 (14670 Sq mtrs), and Factory land at Survey No.51/1, 51/2, & 51/3 (46094 Sq mtrs). * The company is currently evaluating the implications of this action and will take appropriate steps as per legal advice.
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Astron Paper & Board Mill Limited filed this with the NSE as a statutory disclosure, categorised under legal. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Astron Paper & Board Mill Limited. Read the original for the full detail.