IGC Announces Results of its 2021 Annual Stockholders Meeting

Rhea-AI Summary

India Globalization Capital, Inc. (IGC) held its Annual Meeting of Shareholders on October 15, 2021, where all voting matters in the Definitive Proxy filed with the SEC were approved.

Key approvals included:

• Election of Richard Prins to the board until 2024.
• Ratification of Manohar Chowdhry & Associates as the independent accounting firm for fiscal year 2022.
• Granting 3,500,000 shares to employees and consultants based on performance metrics.
• Proposal to adjourn the meeting if necessary to solicit more proxy votes.

Positive

• Approval of Richard Prins to the board ensures strong governance.
• Continuation of Manohar Chowdhry & Associates as accountants may signify stability in financial reporting.
• Granting of 3.5 million shares may incentivize employees and enhance performance.

Negative

• None.

POTOMAC, Md.--(BUSINESS WIRE)-- India Globalization Capital, Inc. (NYSE AMERICAN: IGC) announces that during its Annual Meeting of Shareholders scheduled for and convened on October 15, 2021, voting on all matters as disclosed on the Definitive Proxy on Form 14A filed with the SEC on September 15, 2021, were passed. Only stockholders of record on the record date of September 10, 2021, were entitled to and were being requested to vote.

At the Annual Meeting, the following proposals were approved: (i) the proposal to elect Mr. Richard Prins to the Company’s board of directors to serve as a Class B director until the 2024 annual meeting of Stockholders; (ii) the proposal to ratify Manohar Chowdhry & Associates (“MCA”) as the Company’s independent registered public accounting firm for the 2022 fiscal year; (iii) the grant of 3,500,000 shares of common stock to be granted from time to time to the Company’s current and new employees, advisors, directors, and consultants by the board of directors, pursuant to certain metrics including performance, vesting, and incentive as set by the board of directors and or the CEO; and (iv) the proposal to adjourn or postpone of the Annual Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies.

About IGC

India Globalization Capital, Inc. (IGC) engages in the development of cannabinoid-based therapies for indications such as Alzheimer's disease and pain. It operates in two lines of business, Infrastructure and Life Sciences and is headquartered in Potomac, MD.
www.igcinc.us, www.igcpharma.com, Twitter @IGCIR.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211015005595/en/

Claudia Grimaldi

Email: info@igcinc.us

Phone: 301-983-0998

Source: India Globalization Capital, Inc.

FAQ

What were the key outcomes of India Globalization Capital's Annual Meeting on October 15, 2021?

The meeting confirmed the election of Richard Prins, ratification of MCA as accountants, the granting of 3.5 million shares, and the option to adjourn for additional proxy votes.

What is the significance of the 3.5 million shares granted by IGC?

These shares are intended as incentives for current and new employees, advisors, directors, and consultants, which may help drive performance.

Who is Richard Prins and what role does he play at IGC?

Richard Prins was elected to IGC's board of directors to serve as a Class B director until the 2024 annual meeting.

What is the outcome of the proposal to ratify Manohar Chowdhry & Associates for IGC?

The proposal to retain Manohar Chowdhry & Associates as the independent accounting firm for the 2022 fiscal year was approved.

What does IGC do in the Life Sciences sector?

IGC focuses on developing cannabinoid-based therapies for conditions like Alzheimer's disease and pain.