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There are no such matters that are deemed material to the consolidated financial statements as of March 31, 2022.
−Removed: As of March 31, 2021, the Company was a party to two shareholder lawsuits, as described below.
−Removed: Shareholder Class Action Litigation
+Added: As of March 31, 2022, the Company and one of its officers are parties to the following litigation matters:
+Added: Apogee Financial Investments, Inc., et al.
India Globalization Capital, Inc., et al., Civil Action No.
1:21-cv-03809 (U.S.
+Added: District Court for the Southern District of New York).
+Added: On April 29, 2021, Apogee Financial Investments, Inc.
+Added: (“Apogee”) and John R.
+Added: Clarke (“Clarke”) filed a complaint against the Company and IGC’s President and Chief Executive Officer, Ram Mukunda (“Mukunda”) (the “Apogee Litigation”).
+Added: The litigation was originally initiated by IGC on February 8, 2021 (India Globalization Capital, Inc.
+Added: Apogee Financial Investments, Inc., Civil Action No.
+Added: 1:21-cv-01131, U.S.
+Added: District Court for the Southern District of New York), wherein IGC alleged that Apogee breached a purchase agreement dated December 18, 2014, related to IGC’s intended purchase of a business known as Midtown Partners & Co., LLC (“Midtown”).
+Added: In response to the original lawsuit filed by IGC, Apogee and Clarke filed a counterclaim as well as the Apogee Litigation.
+Added: On June 28, 2021, Apogee and Clarke filed an amended complaint.
+Added: On July 23, 2021, IGC and Mukunda moved to partially dismiss the counterclaim and the Apogee Litigation.
+Added: On March 7, 2022, the Court granted the motion to dismiss in substantial part, leaving only two claims:
+Added: Apogee’s cross-claim against the Company for alleged breach of the purchase agreement;
+Added: and Clarke’s claim against the Company for alleged breach of an alleged promise to issue him shares of the Company.
+Added: The Company considers the counterclaim and the Apogee Litigation to be ordinary, routine litigation incidental to the business.
+Added: The Company and Mukunda deny any and all liability and, in particular, deny many of the factual allegations contained in the Apogee Litigation.
+Added: Both the Company and Mukunda intend to vigorously defend the litigation and are represented by counsel for that purpose.
+Added: As of March 31, 2022, the Company and two of its officers were parties to the following litigation matters:
+Added: India Globalization Capital, Inc., et al., Civil Action No.
+Added: 8:18-cv-03396 (U.S.
District Court for the District of Maryland).
On November 2, 2018, IGC shareholder Alde-Binet Tchatchou instituted a shareholder class action complaint on behalf of himself and all others similarly situated in the United States District Court for the District of Maryland.
−Removed: On May 13, 2019, the plaintiff filed an amended complaint against IGC, Ram Mukunda, and Claudia Grimaldi, (collectively, the “Class Action Defendants”).
−Removed: 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.
+Added: On May 13, 2019, the plaintiff filed an amended complaint against IGC, Ram Mukunda, and Claudia Grimaldi, (collectively, the “Class Action Defendants”), alleging violations of federal securities laws.
On February 28, 2019, all pending shareholder class actions were consolidated, and the Tchatchou litigation was designated as the lead case.
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On May 13, 2019, the plaintiff in the Tchatchou litigation filed an amended complaint, which becomes the operative complaint for the consolidated matter and supersedes the Harris-Carr complaint.
−Removed: On April 6, 2021, after the close of the Company’s Fiscal Year 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.
−Removed: The Company and the Class Action Defendants are represented by counsel in the litigation.
+Added: The Company reached a settlement of the Tchatchou and Harris-Carr litigations during Fiscal 2022, subject to court approval.
+Added: After the end of the Company’s Fiscal Year, the Court approved the settlement, and all shareholder class action matters have been resolved and dismissed as a result.
MINE SAFETY DISCLOSURES
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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.