IGC Announces Results of its 2022 Annual Stockholders Meeting

Rhea-AI Summary

India Globalization Capital (IGC) held its Annual Meeting of Stockholders on September 9, 2022, where all proposals were approved. Key decisions included the election of Ram Mukunda and Congressman James Moran as Class C directors until 2025, and Claudia Grimaldi as a Class A director until 2023. Additionally, Manohar Chowdhry & Associates was ratified as the independent accounting firm for the 2023 fiscal year. The Board granted 3,000,000 shares of common stock to employees and advisors based on performance metrics.

Positive

• Approval of all proposals at the Annual Meeting enhances governance and operational structure.
• Election of experienced board members such as Congressman James Moran may strengthen company credibility.
• Ratification of accounting firm indicates a commitment to financial integrity.

Negative

• None.

POTOMAC, Md.--(BUSINESS WIRE)-- India Globalization Capital, Inc. (“IGC” or the “Company”) (NYSE American: IGC) announces that during its Annual Meeting of Stockholders scheduled for and convened on September 9, 2022 (the “Annual Meeting”), all proposals as disclosed on the Definitive Proxy Statement on Schedule 14A filed with the SEC on July 25, 2022, were passed by the requisite vote of the stockholders. Only stockholders of record on the record date of July 13, 2022 were entitled to and requested to vote at the Annual Meeting.

At the Annual Meeting, the following proposals were approved by the requisite vote of the stockholders: (i) the proposal to elect Mr. Ram Mukunda and Congressman James Moran to the Company’s Board of Directors to serve as Class C directors until the 2025 annual meeting of stockholders and to elect Ms. Claudia Grimaldi to the Company’s Board of Directors to serve as a Class A director until the 2023 annual meeting of stockholders; (ii) the proposal to ratify Manohar Chowdhry & Associates, as the Company’s independent registered public accounting firm for the 2023 fiscal year; and (iii) the grant of 3,000,000 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 Company Board of Directors, pursuant to certain metrics including performance, vesting, and incentive as set by the Company’s Board of Directors and or the CEO.

About IGC:

IGC has two segments: Life Sciences and Infrastructure. The company is based in Maryland, U.S.A.

Forward-looking Statements: This press release contains forward-looking statements. These forward-looking statements are based largely on IGC’s expectations and are subject to several risks and uncertainties, certain of which are beyond IGC’s control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, the Company’s failure or inability to commercialize one or more of the Company’s products or technologies, including the products or formulations described in this release, or failure to obtain regulatory approval for the products or formulations, where required; general economic conditions that are less favorable than expected, including as a result of the ongoing COVID-19 pandemic; the FDA’s general position regarding cannabis- and hemp-based products; and other factors, many of which are discussed in IGC’s SEC filings. IGC incorporates by reference the human trial disclosures and Risk Factors identified in its Annual Report on Form 10-K filed with the SEC on June 23, 2022, as if fully incorporated and restated herein. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this release will occur.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220912005387/en/

Claudia Grimaldi

301-983-0998

Source: India Globalization Capital, Inc.

FAQ

What were the key outcomes of India Globalization Capital's Annual Meeting on September 9, 2022?

All proposals were approved, including the election of new board members and the ratification of the accounting firm.

Who were elected to the Board of Directors during IGC's Annual Meeting?

Ram Mukunda and Congressman James Moran were elected as Class C directors, while Claudia Grimaldi was elected as a Class A director.

How many shares of common stock were granted to IGC employees and advisors?

The Board granted 3,000,000 shares of common stock based on performance metrics.

Who is the independent accounting firm ratified by IGC for the 2023 fiscal year?

Manohar Chowdhry & Associates was ratified as IGC's independent registered public accounting firm.