Nimbus Projects Limited (NPL) has approved the incorporation of a new subsidiary by converting its existing joint venture partnership firm, IITL-Nimbus, The Express Park View, into a private limited company. The Board of Directors passed the resolution on July 27, 2026, formalizing the company’s 95% control over the real estate venture. This structural change aligns the entity with corporate governance standards under the Companies Act, 2013, while ensuring continuity in the development and management of residential and commercial projects.

The intimation was filed pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board also referenced SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/376 dated January 30, 2026, in its submission to stock exchanges. The conversion is subject to the issuance of the Certificate of Incorporation by the Registrar of Companies and other statutory approvals.

Subsidiary Structure and Ownership

The newly incorporated entity will be named IITL Nimbus The Express Park View Private Limited. It succeeds the partnership firm IITL-Nimbus, The Express Park View, where Nimbus Projects Limited held a 95% capital contribution. Upon conversion, Nimbus Projects Limited will hold 95% of the paid-up equity capital in the proposed company, making it a subsidiary. Mr. Bipin Agarwal holds the remaining 5% capital contribution.

Financial Consideration

Nimbus Projects Limited will receive 10,23,750 equity shares of ₹10 each upon conversion. This subscription represents a total cost of ₹1,02,37,500, which corresponds to the company’s existing capital contribution in the partnership firm. The transaction involves no cash consideration but rather a share swap based on existing capital stakes.

Business Continuity

The proposed company will continue to undertake business activities similar to the partnership firm, including construction, development, acquisition, sale, leasing, and management of residential and commercial real estate projects. It will also provide allied real estate consultancy and related services. The conversion aims to streamline operations and enhance regulatory compliance for the ongoing real estate ventures.

Nimbus Projects Limited has appointed Ms. Neha Atal Poddar as an Additional Director (Non-Executive-Independent Woman Director) for a term of 5 years, effective July 27, 2026. The Board of Directors approved the appointment at its meeting held on Monday, July 27, 2026, following a recommendation from the Nomination and Remuneration Committee (NRC). The appointment is subject to the approval of the company’s shareholders. This move strengthens the board’s independence and diversity profile, aligning with regulatory requirements for independent representation.

The appointment was made pursuant to Regulation 30 (read with Part A of Schedule III) and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board verified that Ms. Poddar is not debarred from holding the office of Director by any order of the Ministry of Corporate Affairs (MCA), Securities and Exchange Board of India (SEBI), or any other authority. Detailed disclosures were provided in accordance with SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Appointment Details

Ms. Neha Atal Poddar (DIN: 11761602) will serve as an Independent Director not liable to retire by rotation. Her term will run from July 27, 2026, to July 26, 2031. She holds no relationship with any existing Director or Key Managerial Personnel of the company.

Professional Profile

Ms. Poddar is a Fellow Chartered Accountant (FCA) and a post-graduate in Commerce (M.Com) from the University of Mumbai. She brings over a decade of post-qualification experience spanning statutory and tax compliance, financial management, and capital markets. As Proprietor of M/s. S. S. Khudania & Co., Chartered Accountants, New Delhi, she leads a practice covering audit, taxation, regulatory compliance, and corporate advisory services. Her earlier corporate tenure as General Manager – Finance & Accounts at EFC Logistics India Pvt. Ltd. (Mumbai) provided her with exposure to large-scale financial operations and corporate governance. She also possesses strong analytical skills in equity research and personal financial planning.