Nimbus Projects Limited has appointed M/s Doogar & Associates as its statutory auditor for a five-year term, subject to shareholder approval. The appointment follows the completion of the tenure of the existing auditor, M/s. Oswal Sunil & Company. The new term commences from the conclusion of the 33rd Annual General Meeting and concludes at the 38th AGM.

The Board of Directors approved the appointment at its meeting held on May 27, 2026, based on the recommendations of the Audit Committee. M/s Doogar & Associates, a Chartered Accountants firm with ICAI Firm Registration No. 000561N, was established in 1976 and brings over four decades of experience in audit, assurance, taxation, and corporate advisory services.

The firm is headquartered at East of Kailash, New Delhi, with branch offices in Mumbai, Agra, and Jaipur. It is empanelled with regulatory and government authorities including the Comptroller & Auditor General (C&AG), Reserve Bank of India (RBI), and National Highways Authority of India (NHAI).

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 03:00 p.m. and concluded at 09:30 p.m. on the same day.

Key Details of Appointment

nimbus projects has secured a term loan facility of ₹250 crore from Piramal Finance Limited to support its general corporate purposes. The Board of Directors approved the availing of this financial facility on May 27, 2026, authorizing its firm IITL-Nimbus, The Palm Village to act as a co-borrower. The loan is sanctioned for a period of 48 months and will be disbursed in tranches.

The total borrowing amount of ₹250 crore is divided into two specific facilities. Facility 1 amounts to ₹200 crore, while Facility 2 accounts for the remaining ₹50 crore. The interest rates are fixed at 13.00% per annum for the first facility and 11.75% per annum for the second facility. The sanction letter for this credit facility was issued on May 21, 2026.

Security and Guarantees

To secure the term loan, Nimbus Projects Limited has pledged several assets and guarantees. The primary security includes a mortgage over the leasehold land of the underlying project, The Palm Village, which spans 11.8 acres and is located in Sector 22A, Yamuna Expressway. Additionally, the company has provided a hypothecation of project receivables and 100% hypothecation of the partnership interest of IITL – Nimbus, The Palm Village.

Further collateral involves personal guarantees from Mr. Bipin Aggarwal and Mr. Sahil Aggarwal. The lender also holds a charge over the escrow account as permitted under applicable law, post-dated or undated cheques for scheduled payments, and a demand promissory note. A shortfall undertaking from the promoters and any other security stipulated by the committee or detailed in definitive agreements have also been committed.

Loan Details