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On March 7, 2022, the Court granted the motion to dismiss in substantial part, leaving only two claims:
−Removed: Apogee’s cross-claim against the Company for alleged breach of the purchase agreement;
−Removed: and Clarke’s claim against the Company for alleged breach of an alleged promise to issue him shares of the Company.
+Added: Apogee’s cross-claim against the Company for an alleged breach of the purchase agreement;
+Added: and Clarke’s claim against the Company for an alleged breach of an alleged promise to issue him shares of the Company.
+Added: On February 21, 2023, IGC and Mukunda filed a motion for summary judgment seeking judgment on both IGC’s underlying Complaint against Apogee and Apogee’s and Clarke’s claims against Apogee and Mukunda.
+Added: On April 19, 2023, after the close of the Company’s fiscal year, Apogee and Clarke filed a response to the motion.
+Added: Both Apogee and Clarke withdrew their claims against Mukunda at that time.
+Added: The Company filed its reply in support of summary judgment on May 16, 2023.
+Added: The court is expected to issue a decision sometime during fiscal year 2024 (on or before March 31, 2024).
The Company considers the counterclaim and the Apogee Litigation to be ordinary, routine litigation incidental to the business.
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Both the Company and Mukunda intend to vigorously defend the litigation and are represented by counsel for that purpose.
−Removed: As of March 31, 2022, the Company and two of its officers were parties to the following litigation matters:
−Removed: India Globalization Capital, Inc., et al., Civil Action No.
−Removed: 8:18-cv-03396 (U.S.
−Removed: District Court for the District of Maryland).
−Removed: 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”), alleging violations of federal securities laws.
−Removed: On February 28, 2019, all pending shareholder class actions were consolidated, and the Tchatchou litigation was designated as the lead case.
−Removed: Harris-Carr v.
−Removed: India Globalization Capital, Inc., et al., Civil Action No.
−Removed: 8:18-cv-03408 (U.S.
−Removed: District Court for the District of Maryland).
−Removed: On November 2, 2018, IGC shareholder Gabe Harris-Carr 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: IGC, Ram Mukunda, and Claudia Grimaldi were named as defendants.
−Removed: On February 28, 2019, all pending shareholder class actions, including the Harris-Carr litigation, were consolidated, and the Tchatchou litigation, described above, was designated as the lead case.
−Removed: 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: The Company reached a settlement of the Tchatchou and Harris-Carr litigations during Fiscal 2022, subject to court approval.
−Removed: 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.