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 .

Nimbus Projects Limited has announced board approval for a significant secured loan facility of Rs.200 Crore from Aditya Birla Housing Finance Limited. The board meeting held on February 24, 2026, approved this credit facility to support the company's ongoing project development activities.

Loan Facility Details

The approved financing arrangement encompasses several key parameters that demonstrate the structured nature of this corporate borrowing:

Aditya Birla Housing Finance Limited, with its registered office at Indian Rayond Compound, Vereval, Gujarat-362266 and branch office at 3rd Floor, Plot No.C-171/2, Sector-15, Noida, Uttar Pradesh-201301, will provide the facility in various tranches as per project requirements.

Project Application and Purpose

The loan facility has been specifically earmarked for the company's "SUNWORLD ARISTA (PH-2 T-5,7,8,9) CLUB" project. This targeted allocation demonstrates the company's strategic approach to project financing and development activities. The phased disbursement structure aligns with typical real estate development financing patterns, allowing for fund utilization as project milestones are achieved.

Security and Collateral Framework

The Rs.200 Crore facility is backed by comprehensive security arrangements that provide multiple layers of protection for the lender:

Primary Security:

• Exclusive second charge (First Charge with Noida Authority) by way of equitable mortgage on land measuring 12161.97 sqm
• Property located at Plot no. GH-01C, sector 168, Noida
• Includes development rights and present & future free sale FSI of project land (excluding sold/allotted units)

Additional Security Measures:

• Exclusive charge by way of hypothecation on scheduled sales receivables from sold units
• Hypothecation on receivables from unsold units of the Sunworld Arista project
• Exclusive charge on the project's escrow account and all monies credited therein
• Interest Service Reserve Account equivalent to three-month interest to be created at each disbursement

The security structure reflects standard practices in real estate project financing, providing comprehensive coverage across land assets, receivables, and cash flows. The lien marking requirement within 15 days of each disbursement ensures proper documentation and legal compliance.

Regulatory Compliance and Disclosure

This announcement was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrating the company's commitment to transparent corporate governance. The disclosure provides stakeholders with detailed information about the financing arrangement, including all material terms and security provisions.

The facility approval represents a significant development in the company's capital structure and project financing capabilities, enabling continued progress on the Sunworld Arista development project.

Source: None/Company/INE875B01015/896f2d6a-d5df-459b-9b41-a4f6efe091d3.pdf