2 unchanged sentences
Such matters are subject to many uncertainties, and outcomes are not predictable with assurance.
−Removed: As of September 30, 2021, the Company and one of its officers are parties to the following litigation matters:
+Added: As of December 31, 2021, the Company and one of its officers are parties to the following litigation matters:
Apogee Financial Investments, Inc., et al.
15 unchanged sentences
On July 23, 2021, IGC and Mukunda again moved to partially dismiss the counterclaim and the Apogee Litigation.
+Added: The motion to dismiss remains pending before the Court, and the Company has no insight into when a decision will be issued.
+Added: Further proceedings, such as discovery, have been stayed pending the Court’s decision on the motion to dismiss.
The Company considers the counterclaim and the Apogee Litigation to be ordinary, routine litigation incidental to the business.
1 unchanged sentence
Both the Company and Mukunda intend to vigorously defend the litigation and are represented by counsel for that purpose.
−Removed: As of September 30, 2021, the Company and two of its officers are parties to two shareholder lawsuits:
+Added: As of December 31, 2021, the Company and two of its officers are parties to two shareholder lawsuits:
India Globalization Capital, Inc., et al., Civil Action No.
4 unchanged sentences
The plaintiff alleges that the Class Action Defendants violated Section 10(b) of the Exchange Act, SEC Rule 10b-5, and Section 20(a) of the Exchange Act and made false and misleading statements to the public by issuing a September 25, 2018, press release entitled “IGC to Enter the Hemp/CBD-Infused Energy Drink Space” and related disclosures, in which IGC announced it had “executed a distribution and partnership agreement” for the sugar-free energy drink named Nitro G, as well as through related public statements.
−Removed: The plaintiff has not publicly disclosed the amount of damages they seek.
On February 28, 2019, all pending shareholder class actions were consolidated, and the Tchatchou litigation was designated as the lead case.
9 unchanged sentences
Throughout the Harris-Carr litigation, the Class Action Defendants have denied any and all liability and denied any violation of the law.
−Removed: On April 6, 2021, the plaintiffs and the Class Action Defendants reached a preliminary agreement in principle to settle all pending shareholder litigation, including the Tchatchou and Harris-Carr matters described above.
−Removed: The settlement is subject to the agreement and execution of formal settlement documentation and approval by the United States District Court for the District of Maryland.
−Removed: At present, a significant portion of the settlement is expected to be paid by the Company’s insurance policy.
+Added: On October 20, 2021, the plaintiffs and the Class Action Defendants executed a Stipulation and Agreement of Settlement to settle all pending shareholder litigation, including the Tchatchou and Harris-Carr matters described above, for a total payment of $1,000,000.00.
+Added: The settlement is subject to final approval by the United States District Court for the District of Maryland (“Court”).
+Added: A final settlement approval hearing has been scheduled for April 13, 2022 before the Court.
+Added: Of the total settlement amount, $847,245.00 is to be paid by the Company’s insurer;
+Added: the Company has created a provision for the remaining $152,755.00.
+Added: On January 11, 2022, all settlement proceeds were transmitted to a third-party for administration of the settlement.
The Company and the Class Action Defendants are represented by counsel in the litigation.
−Removed: | September 30, 2021, Form 10-Q
+Added: | December 31, 2021, Form 10-Q
+Added: We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.
+Added: Unregistered Sales of Equity Securities and Use of Proceeds
+Added: Defaults Upon Senior Securities
+Added: Mine Safety Disclosures
+Added: Not applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.