Nimbus Projects Limited has announced a partnership stake transfer involving its group company and Managing Director across three partnership firms. The company informed the BSE about this corporate restructuring under Regulation 30 of SEBI listing regulations on March 28, 2026.

Partnership Structure and Stake Distribution

The company currently operates through partnerships in three real estate projects with varying capital contribution structures:

Stake Transfer Details

Nimbus Propmart Private Limited (NPPL), a group company and current partner in the three firms, has decided to sell its partnership stakes to Mr. Bipin Agarwal. Mr. Agarwal serves as the Managing Director and promoter of Nimbus Projects Limited. Following this transaction, NPPL will retire from all three partnership firms, while Mr. Bipin Agarwal will be inducted as the new partner in place of NPPL.

Impact on Company Operations

The management has clarified that this partnership restructuring will not result in any operational or financial changes for Nimbus Projects Limited. The company emphasized that there will be no change in the nature, amount, and control of capital contribution held by the company in these partnership firms after the change of partner.

Corporate Governance Compliance

The company has assured stakeholders that the transaction will not affect any change in control, management, or financial position of Nimbus Projects Limited. This disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency in corporate actions.

The formal intimation was signed by Ritika Aggarwal, Company Secretary and Compliance Officer, maintaining proper corporate governance protocols throughout the announcement process.

Nimbus Projects Limited has secured a significant victory in a tax dispute involving its material subsidiary, with the Income Tax Department deleting an addition of Rs 26.60 crore that was made during reassessment proceedings for Assessment Year 2013-14.

Favorable Tax Ruling Details

The Income Tax Officer, Ward 18(1), Delhi issued an order on March 05, 2026, completing the assessment proceedings under Section 147 of the Income-tax Act, 1961. The officer determined that the reassessment proceedings were not valid in light of the judgment passed by the Delhi High Court on February 04, 2025.

Legal Challenge and Court Intervention

N.N. Financial Services Private Limited had challenged the original reassessment order dated May 30, 2023 before the Delhi High Court. The reassessment proceedings were initiated by the Income Tax Department alleging receipt of accommodation entries worth Rs 26.60 crore.

The Delhi High Court directed the Assessing Officer to re-examine the matter, leading to the favorable outcome for the subsidiary. The court's judgment in W.P.(C) No.1509/2023 dated February 04, 2025 formed the basis for the Assessing Officer's final decision.

Key Findings and Resolution

The Assessing Officer concluded that:

• The notice issued under Section 148 of the Income-tax Act, 1961 was beyond the prescribed limitation period
• The reassessment proceedings were not sustainable in law
• The addition of Rs 26.60 crore made in the original order should be deleted
• The assessed income has been revised to Nil

Financial Impact Assessment

Nimbus Projects has confirmed that there are no financial implications on either the company or its material subsidiary N.N. Financial Services Private Limited as a result of this favorable resolution. The reassessment proceedings have been held to be not sustainable in law, and the addition made therein has been completely deleted.

Regulatory Compliance

The company has made this disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in accordance with its Policy on Determination of Materiality for Disclosure of Events or Information. The detailed information has been provided to BSE Limited and is available on the company's website at www.nimbusprojectsLtd.com .