2 unchanged sentences
Such matters are subject to many uncertainties, and outcomes are not predictable with assurance.
−Removed: As of December 31, 2022, the Company and one of its officers are parties to the following litigation matter:
+Added: As of June 30, 2023, the Company and one of its officers are parties to the following litigation matter:
Apogee Financial Investments, Inc., et al.
8 unchanged sentences
1:21-cv-01131, U.S.
−Removed: 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 and Co., LLC (“Midtown”).
+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).
In response to the original lawsuit filed by IGC, Apogee and Clarke filed a counterclaim as well as the Apogee Litigation.
−Removed: On June 28, 2021, Apogee and Clarke filed an amended complaint.
+Added: On June 28, 2021, Apogee and Clarke filed an amended complaint/counterclaim.
On July 23, 2021, IGC and Mukunda moved to partially dismiss the counterclaim and the Apogee Litigation.
On March 7, 2022, the Court granted the motion to dismiss in substantial part, leaving only two claims:
−Removed: Apogee’s counterclaim against the Company for an 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; and Clarke’s claim against the Company for an alleged breach of an alleged promise to issue him shares of the Company.
+Added: On June 24, 2022, Apogee and Clarke filed a second amended complaint/counterclaim asserting the same claims.
+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, 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: On July 20, 2023, after the close of the quarterly reporting period, the court granted the motion for summary judgment in substantial part, ruling (a) that Apogee breached the parties’ purchase agreement, (b) that Clarke’s claims were barred by the applicable statute of limitations, (c) that Apogee breached a contract related to a loan made by IGC to Apogee in 2015 and that IGC is entitled to damages and interest as a result;
+Added: and (d) that all claims against Mukunda are dismissed.
+Added: The court is expected to set a trial date to decide certain remaining issues:
+Added: (i) whether IGC breached the purchase agreement by issuing restricted, as opposed to unrestricted, stock to Apogee, and, if so, what damages, if any, Apogee may receive as a result;
+Added: and (ii) the amount of damages IGC will be awarded based on Apogee’s breach of the purchase agreement.
The Company considers the counterclaim and the Apogee Litigation to be ordinary, routine litigation incidental to the business.
−Removed: The Company and Mukunda deny any and all liability and, in particular, deny many of the factual allegations contained in Apogee’s and Mr.
−Removed: Clarke’s filings in the Apogee Litigation.
−Removed: Both the Company and Mukunda intend to vigorously defend the litigation and are represented by counsel for that purpose.
+Added: The Company denies any and all liability and, in particular, denies that it breached the purchase agreement and that Apogee has suffered any damages.
+Added: Given the Company’s position that Apogee suffered no damages due to any conduct by IGC, the Company intends to seek resolutions of the litigation without proceeding to trial.
+Added: However, failing those efforts, the Company intends to vigorously defend the litigation and is represented by counsel for that purpose.
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.
−Removed: Unregistered Sales of Equity Securities and Use of Proceeds
−Removed: Defaults Upon Senior Securities
−Removed: Mine Safety Disclosures
−Removed: 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.